The markets closed flat with the Dow slipping 7 points to 12,788 despite a downgrade of France's credit rating as new home construction soared. Nasdaq edged up a point to 2916. On the upside
School Specialty (Nasdaq: SCHS) reported higher second quarter earnings despite lower revenue. The Food and Drug Administration approved HeartWare International's (Nasdaq: HTWR) battery-powered Ventricular Assist System for implanting into heart failure patients. Dycom Industries (NYSE: DY) will pay approximately $275 million in cash to acquire Quanta Services' telecommunications subsidiaries. On the downside A Seeking Alpha contributor recommended selling Arch Coal (NYSE: ACI). Trina Solar (NYSE: TSL) widened third quarter losses more than expected as revenue tumbled. Bayer abandoned its efforts to acquire Schiff Nutrition (NYSE: SHF) after Reckitt made a higher offer for the nutritional supplement company. In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE while decliners edged out advancers by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 793.