Markets Slip As Gas Prices Rise
The markets traded lower during the midday with the Dow slipping 28
points to 11,584 despite upbeat jobs data as gasoline prices rose. Nasdaq lost 9
points to
2570.
Pier 1 Imports (NYSE: PIR) reported higher second quarter revenue and expects earnings to top analyst estimates.
Liquidity Services (Nasdaq: LQDT) will acquire Jacobs Trading in a deal valued at approximately $140 million.
UTi Worldwide (Nasdaq: UTIW) reported higher second quarter earnings that topped analyst estimates as revenue rose.
On the downside
Coldwater Creek (Nasdaq: CWTR) swung to a larger than expected loss for the second quarter as sales tumbled.
The SEC announced that it will review and research additional regulation of mortgage REITs sending shares of MFA Financial (NYSE: MFA) lower.
Robbins Umeda announced an investigation into possible breaches of fiduciary duty by AgFeed Industries (Nasdaq: FEED) officers and directors.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 723.
