Markets Modestly Lower Despite Debt Debate
The markets recovered from early morning losses but continued trading in negative territory during the midday with the Dow slipping 15 points to 13,492 as December retail sales gained a better than expected 0.5%. Nasdaq lost 14 points to 3103.
On the upside
Bank of America Merrill Lynch affirmed its Buy rating on Gafisa (NYSE: GFA) citing stronger than expected free cash flow.
Retail sales rose more than expected in December to lift shares of Gap (NYSE: GPS).
The Burlington School District deployed EnerNOC's (Nasdaq: ENOC) EfficiencySMART Insight application to reduce energy consumption and expenses.
On the downside
Coldwater Creek (Nasdaq: CWTR) warned of flat fourth quarter sales and greater losses than previously forecast. Given Imaging (Nasdaq: GIVN) ended discussions for a possible sale.
Profit taking sank shares of Telik (Nasdaq: TELK).
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 9 to 7 on Nasdaq. The broader S&P 500 index slipped 2 points to 1467.
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