GDP Still Weak, Markets Open Lower
The Commerce Department reported an upward revision of the gross domestic product to 1.9% for the first quarter but economic expansion at 1.9% is considered weak. The markets opened lower with the Dow falling 47 points to 12,002 while Nasdaq dropped 24 points to 2662.
On the upside
The Williams Cos. offered $4.9 billion to acquire Southern Union (NYSE: SUG).
Excel Trust (NYSE: EXL) priced its public offering of 12.5 million common shares at $10.94 per share.
Majesco Entertainment (Nasdaq: COOL) joined the Russell Microcap Index today.
On the downside
Third quarter earnings plunged for Micron Technology (Nasdaq: MU) to fall far short of analyst expectations as chip prices dropped.
Oracle (Nasdaq: ORCL) reported higher fourth quarter earnings but hardware sales fell.
The Food and Drug Administration rejected the severe pain treatment Remoxy developed by Pfizer (NYSE: PFE), Pain Therapeutics (Nasdaq: PTIE) and Durect (Nasdaq: DRRX).
