Mixed Markets As Durable Goods Orders Jump, Pending Home Sales Fall
The markets traded mixed during the midday with the Dow holding steady at 13,895 as a drop in pending home sales tempered enthusiasm for a better than expected jump in durable goods orders. Nasdaq gained 11 points to 3160.
On the upside
OCZ Technology (Nasdaq: OCZ) added 750W and 850W power supply unit models to its Silencer Ml III Power Supply Series.
Georgia Gulf (NYSE: GGC) completed its acquisition of PPG's commodity chemicals business.
Idenix Pharmaceuticals (Nasdaq: IDIX) will develop all-oral direct-acting antiviral HCV combination therapies with Janssen Pharmaceuticals.
On the downside
Nomura downgraded PetSmart (Nasdaq: PETM) to Reduce and slashed its price target from $72 to $55. Details of 3D Systems' (NYSE: DDD) acquisition of Coweb were undisclosed.
Goldman Sachs downgraded AK Steel (NYSE: AKS) to a Sell rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 index eased a fraction to 1502.
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