The markets recovered earlier losses but continued to trade lower with the Dow slipping 13 points to 12,591 as investors remain cautious about the global economy. Nasdaq dropped 23 points to 2864. On the upside
Affymax (Nasdaq: AFFY) will supply its anemia treatment Omontys to nationwide dialysis center operator Fresenius Medical Care. Pandora Media (NYSE: P) introduced a trial service in Australia and New Zealand. Fastenal (Nasdaq: FAST) reported higher second quarter earnings but revenue fell short of expectations. On the downside Cal Dive (NYSE: DVR) warned that second quarter earnings would miss analyst estimates. Shares of Safeway (NYSE: SWY) dropped after rival Supervalu (NYSE: SVU) reported sharply lower earnings that missed estimates by a wide margin. Calix (NYSE: CALX) blamed slowing demand for cutting its outlook for the second quarter. In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 787.