The markets closed mixed even as oil prices continued sliding and factory orders rose more than expected. The Dow gained 16 points to 11,533 while Nasdaq tumbled 16 points to 2334.
On the upside
KeyBanc Capital Markets analyst Saul Ludwig upgraded Cabot (NYSE: CBT) and lifted his earnings estimate for the carbon black maker citing improved prospects and a new chief executive.
Home Depot (NYSE: HD) CEO Frank Blake said that the housing market was close to hitting bottom and expects very modest improvements in sales and earnings during the second half of this year although pressure may continue into the beginning of 2009.
Rumors that Uranium Resources (Nasdaq: URRE) may be acquired lifted shares of the uranium company.
On the downside
The Mine Safety and Health Administration has fined mine operators nearly $98 million in the first ten months of fiscal 2008 after a number of deadly, high profile accidents. Shares of International Coal (NYSE: ICO) and National Coal (NYSE: NCOC) tumbled.
Standard & Poor's lowered its price target for Marvell Technology Group (NYSE: MRVL).
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 742.
