Mixed Open Over Mixed Retail Sales
The markets opened mixed with the Dow losing 14 points to 12,276 while Nasdaq gained 11 points to 2780 after retailers reported mixed May retail sales.
On the upside
Shares of for-profit colleges Apollo Group (Nasdaq: APOL) and Corinthian Colleges (Nasdaq: COCO) climbed after the Department of Education lowered the loan repayment rate of graduates and dropouts that educators must maintain in order to qualify for federal student aid.
Canaccord Genuity analyst Paul Mansky wrote yesterday that Dell (Nasdaq: DELL) should acquire Brocade (Nasdaq: BRCD).
Horizon Lines (NYSE: HRZ) renegotiated terms with its convertible senior notes holders.
On the downside
The Manhattan District Attorney subpoenaed Goldman Sachs (NYSE: GS) for information related to activities that lead to the collapse of the housing market.
Exide Technologies (Nasdaq: XIDE) disappointed by swinging to a wider than expected fourth quarter loss.
Limited Brands (NYSE: LTD) reported same store sales growth in May that fell short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 824.
