Flat Open As Consumer Prices Edge Up
The markets opened flat with the Dow edging up a point to 12,572 while Nasdaq eased a point to 2845 as October consumer prices rose modestly on higher food prices.
On the upside
Second quarter earnings fell for NetApp (Nasdaq: NTAP) but the results topped analyst estimates and the company announced plans to repurchase up to $1.5 billion worth of stock.
E-Commerce China Dangdang (NYSE: DANG) widened third quarter losses but the results were better than expected as revenue climbed.
Cameron (NYSE: CAM) formed a joint venture with Schlumberger (NYSE: SLB) to manufacture and develop subsea oil production products and systems. On the downside
Velti (Nasdaq: VELT) fell to a larger than expected loss for the third quarter.
Wal-Mart (NYSE: WMT) reported higher third quarter earnings but the results fell short of expectations and the discount retailer forecast current quarter earnings below estimates.
AK Steel (NYSE: AKS) priced its public offering of 22 million shares of common stock at the discounted price of $4.00 per share.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE while decliners were on par with advancers on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 773.
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