Slow Pace Of Job Growth Weighs Down Markets
Concerns about the slow pace of job growth weighed the markets down during the midday with the Dow slipping 7 points to 12,225. Nasdaq lost 3 points 2793.
On the upside
PAETEC Holding (Nasdaq: PAET) will pay approximately $61 million in cash to acquire XETA Technologies (Nasdaq: XETA).
Ralph Lauren (NYSE: RL) impressed with sharply higher third quarter earnings that surpassed analyst expectations by a wide margin as revenue climbed.
New York Stock Exchange's parent company NYSE Euronext (NYSE: NYX) engaged in merger discussions with German stock exchange owner Deutsche Boerse.
On the downside
Macquarie analyst Duncan McKeen lowered his price target on Teck Resources (NYSE: TCK) after the company reported fourth quarter earnings that fell short of expectations.
While fourth quarter earnings climbed for Ingersoll-Rand (NYSE: IR), the results missed estimates and the company forecast first quarter earnings below expectations.Computer Sciences (NYSE: CSC) reported higher third quarter earnings but the company lowered its full year revenue and earnings guidance.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 811.
