The markets reversed directions to close modestly lower after Federal Reserve Chairman Ben Bernanke warned of a possible recession. The Dow dropped 49 points to 12,606 while Nasdaq slipped a point to 2361.
On the upside
Emcore (Nasdaq: EMKR) received a $4.6 million follow-on order from Concentration Solar la Mancha of Mazanares for solar cell receiver assemblies.Shares of Yingli Green Holding (NYSE: YGE) rose as a solar power conference convened in Munich, Germany.
Analysts are optimistic that Talbots' (NYSE: TLB) plans to lower expenses, streamline operations and improve merchandise selections will be successful.
On the downside
Sotheby's (NYSE: BID) pulled a photogenic drawing from an auction scheduled for next Monday to allow scholars more time to research the origin of the image.
Shares of Thornburg Mortgage (NYSE: TMA) fell after the Mortgage Bankers Association reported a sharp 28.7% drop in mortgage applications last week.
Stanford Research initiated coverage of Intermec (NYSE: IN) with a Sell rating.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 712.
