Lower Open As Trade Deficit Widens

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The nation's trade deficit climbed as oil prices surged. The markets opened lower with the Dow losing 15 points 12,745 while Nasdaq slipped 4 points to 2867.

On the upside

First quarter earnings surged for Macy's (NYSE: M) to surpass analyst expectations by a wide margin prompting the department store operator to lift its full year guidance.

Rovi (Nasdaq: ROVI) reported sharply lower first quarter earnings but the results beat expectations prompting an upgrade.

American International Group (NYSE: AIG) and the Treasury Department will sell 300 million shares of the global insurance company's stock to the public.

On the downside

IntraLinks Holdings (NYSE: IL) reversed year ago losses but revenue fell short of expectations and the company forecast second quarter results below estimates. 

Disney (NYSE: DIS) blamed the March earthquake and tsunami in Japan and the disappointing performance of "Mars Needs Moms" for lower second quarter earnings that missed expectations.

Starwood Property Trust (NYSE: STWD) priced its public offering of 22 million common shares.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 both on the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 18 points to 837.

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This page contains a single entry by published on May 11, 2011 6:39 AM.

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