Lower Close Over Possible Rate Increase In China
The markets closed modestly lower with the Dow slipping 2 points to 11,822 despite a greater than expected drop in jobless claims over concerns that China may raise interest rates. Nasdaq dropped 21 points to 2704.
On the upside
Although fourth quarter earnings slipped more than expected for Knight Capital Group (Nasdaq: KCG), revenue topped analyst estimates.
The New York Times (NYSE: NYT) announced that its online subscription will be less than $20 per month.
Raymond James Financial (NYSE: RJF) reported sharply higher first quarter earnings that surpassed analyst expectations by a wide margin.
On the downside
Second quarter earnings for Parker Hannifin (NYSE: PH) more than doubled but profit margins fell.
Volt Information Sciences (NYSE: VOL) will not file its annual report by the extended deadline of February 1, 2011.Kandi Technologies (Nasdaq: KNDI) will host "Test Drive Days" for its new electric vehicles in Jinhua City, China but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 778.
