Services Sector Expansion Slows, Markets Open Lower
Expansion of the nation's services unexpectedly fell last month to weigh the markets down to a lower open with
the
Dow dropping 89 points to 11,777. Nasdaq fell 15 points to
2653.
On the upside
MSMB Capital Management made an unsolicited $381 million offer to acquire Amag Pharmaceuticals (Nasdaq: AMAG).Global Traffic (Nasdaq: GNET) agreed to be taken private for approximately $267 million in cash by GTCR.
Silicon Image (Nasdaq: SIMG) swung to a loss for the second quarter but the results were better than expected.
CIBER (NYSE: CBR) narrowed second quarter losses but the results fell short of expectations and the company suspended its guidance for 2011.
Second quarter earnings rose for ION Geophysical (NYSE: IO) but the results missed analyst estimates.
ExamWorks Group (NYSE: EXAM) reported a loss for the second quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 754.
