Markets Mixed On Sluggish Economic Expansion

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The nation's economy expanded at a sluggish 1.8% rate in the first quarter. The markets traded mixed during the midday with the Dow losing 25 points 12,369 while Nasdaq gained 11 points to 2772.

On the upside

NetApp (Nasdaq: NTAP) reported higher fourth quarter earnings that beat analyst expectations and the data management company forecast current quarter results ahead of estimates.

Seeking Alpha contributor Nicholas Southwick Levis said that LDK Solar (NYSE: LDK) is undervalued.

First quarter earnings climbed for Tiffany & Co. (NYSE: TIF) to surpass analyst expectations prompting the jewelry retailer to lift its full year outlook.

On the downside

Sigma Designs (Nasdaq: SIGM) disappointed by swinging to a greater than expected loss for the first quarter as expenses climbed. 

Empire District Electric Company (NYSE: EDE) blamed the devastation of the May 22 tornado for suspending all quarterly dividends for the rest of 2011.

A clinical trial of Abbott Laboratories' (NYSE: ABT) cholesterol treatment Niaspan was stopped a year and a half early for being ineffective in preventing heart attacks and strokes.

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased added 2 points to 823.


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This page contains a single entry by published on May 26, 2011 9:43 AM.

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