Mixed Close Over Mixed Retail Sales
It was a mixed close for the markets with the Dow losing 41 points to 12,248 as retailers posted mixed sales results for May. Nasdaq rose 4 points to 2773.
On the upside
Hill International (NYSE: HIL) received a contract valued at approximately $1.5 billion to manage the construction of a housing development in Iraq.
Harry Rady of Rady Asset Management said that General Maritime (NYSE: GMR) stock has the potential to triple.
Barclays Capital upgraded Southern Copper (NYSE: SCCO).
On the downside
The Fresh Market (Nasdaq: TFM) reported lower first quarter earnings despite higher revenue as expenses rose.
Jones Group (NYSE: JNY) acquired European shoe retailer Kurt Geiger for $350 million in cash.
Shares of Arch Coal (NYSE: ACI) continued falling after the waiting period for the tender offer to acquire outstanding shares of International Coal Group (NYSE: ICO) expired on yesterday.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 820.
