Wholesale Sales Fall, Markets Extend Losses
The markets extended its losses during the midday with the Dow falling 30 points to 12,622 as wholesale sales fell in May. Nasdaq dropped 15 points to 2887.
On the upside
Rumors that Abercrombie & Fitch (NYSE: ANF) may announced a stock repurchase plan lifted shares of the teen apparel retailer.
Credit Suisse upgraded Enerplus (NYSE: ERF) to an Outperform rating.
A Seeking Alpha contributor listed City Telecom (Nasdaq: CTEL) as one of three undervalued small cap technology stocks with strong earnings.
On the downside
ADTRAN (Nasdaq: ADTN) disappointed with lower second quarter earnings and revenue that fell short of analyst expectations.
Hhgregg (NYSE: HGG) cut its full year guidance and forecast first quarter results below estimates.
The Financial Post reported that Best Buy (NYSE: BBY) in Canada would open smaller stores and expand its merchandise offering to include clothing and kitchenware.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 792.
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