Mixed Open As GDP Revised Downward
The opened mixed with the Dow slipping 2 points to 11,545 while Nasdaq added 4 points to 2527 after the nation's third quarter economic growth was revised downward to a 2.0% annual pace from 2.5%.
On the upside
Focus Media (Nasdaq: FMCN) denied allegations by Muddy Waters that the company overstated the number of LCD screens in its LCD display advertising network.
Brocade Communications Systems (Nasdaq: BRCD) slipped to a loss for the fourth quarter but the results surpassed analyst expectations.
Second quarter earnings climbed for Medtronic (NYSE: MDT) to top analyst estimates as revenue rose.
On the downside
Frontline (NYSE: FRO) swung to a third quarter loss and said that it may need to restructure its debt to avoid default.
Capstone Turbine (Nasdaq: CPST) entered into warrant exercise agreements with various holders.
Fusion-io (NYSE: FIO) priced its follow-on offering of approximately 8.8 million common shares at the discounted price of $33 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE while advancers barely edged out decliners by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 702.
