The Federal Reserve acknowledged yesterday that more aggressive measures must be taken to bolster the slow pace of the economic recovery but took no immediate action sending the markets down during the midday with the Dow losing 42 points to 10,718. Nasdaq fell 24 points to 2325 .
On the upside
The United Kingdom Ministry of Defense selected a subsidiary of Force Protection (Nasdaq: FRPT) as the preferred bidder for its Light Patrol Vehicle program with training scheduled to begin in 2011.
A joint venture between Alcoa (NYSE: AA) and Saudi Arabia Mining will begin production in 2013.
Bloomberg reported that Satyam Computer (NYSE: SAY) will release an annual earnings report for the first time in two years after its corporate fraud scandal stunned the world.
On the downside
Law firm Robbins Umeda LLP launched an investigation into Arena Pharmaceuticals (Nasdaq: ARNA) for possible breaches of fiduciary duty related to the company's obesity treatment Lorqess, which was rejected by a Food and Drug Administration advisory panel.
PMC-Sierra (Nasdaq: PMCS) lowered its third quarter outlook below analyst expectations.
American Airlines (NYSE: AMR) forecast current quarter revenue growth below analyst expectations prompting J. P. Morgan to cut its earnings outlook for the airliner.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 654.
