IMF Says Global Economy Still In Recession

July 08, 2009 at 12:37 PM EDT

The International Monetary Fund said that while the global economy continues to be in a recession, it is moving closer to a recovery and that government stimulus is still necessary. The Dow fell 43 points to 8119 while Nasdaq dropped 13 points to 1733.

On the upside

Tractor Supply (Nasdaq: TSCO) lifted its full year outlook and forecast second quarter results ahead of expectations.

Goldman Sachs upgraded Peabody Energy (NYSE: BTU) and lifted its price target on the company.

AstraZeneca will continue to develop Targacept's (Nasdaq: TRGT) attention deficit/hyperactivity disorder treatment AZD3480 and Alzheimer's medication AZD1446. AstraZeneca will also make a $10 million milestone payment to Targacept.

On the downside

ARYx Therapeutics (Nasdaq: ARYX) reported that its experimental blood clot treatment tecarfarin failed a late stage clinical trial.

XenoPort (Nasdaq: XNPT) priced its 2.5 million offering at $19 per share.

Websense (Nasdaq: WBSN) forecast second quarter earnings in line with estimates but sales below analyst expectations.

In the broad market, advancing issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks lost 7 points to 477.