Mixed Markets As Incomes Rise More Than Spending
A tax cut lifted personal incomes by 1.0% in January but consumer spending edged up a mere 0.2%. The markets traded mixed during the midday with the Dow rising 52 points to 12,182 while Nasdaq lost 9 points to 2772.
On the upside
Ventas (NYSE: VTR) will pay approximately $5.7 billion in stock to acquire Nationwide Health Properties (NYSE: NHP).
Interpublic Group of Companies (NYSE: IPG) reported sharply higher fourth quarter earnings on Friday that beat analyst expectations.
Shares of Royal Energy (Nasdaq: ROYL) continued soaring after announcing last Wednesday that it received a permit to begin production at the Goddard # 2 well in Colusa County, California.
On the downside
A Wall Street Journal article questioned soaring expenses at Salesforce.com (NYSE: CRM).
Concerns that Italy may cap solar installations at 8 gigawatts weighed down shares of LDK Solar (NYSE: LDK), Yingli Green Energy (NYSE: YGE) and Renesola (NYSE: SOL).Kenneth Cole Productions (NYSE: KCP) narrowed fourth quarter losses and announced the immediate resignation of chief executive Jill Granoff.In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE while decliners edged out advancers by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 821.
