Expansion of the manufacturing sector slowed in May to weigh the markets down to a lower open with the Dow slipping 16 points to 16,700. Nasdaq fell 22 points to 4,219.
On the upside
Giga-tronics (Nasdaq: GIGA) signed an agreement to develop a variant of its high performance fast tuning YIG filters for a third aircraft platform.
Rumors that Shire may make a bid for NPS Pharmaceuticals (Nasdaq: NPSP) lifted shares of the biopharmaceutical.
Broadcom (Nasdaq: BRCM) retained the services of JP Morgan to explore strategic alternatives for its baseband business including a possible sale of the unit.
On the downside
MasTec (NYSE: MTZ) warned of lower second quarter revenue.
Spherix (Nasdaq: SPEX) raised the losses related to stock dilution for the three month period ended May 30, 2014 from $3.8 million to $8 million.
Zacks Equity Research recommended selling Neonode (Nasdaq: NEON).
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 lost 4 points to 1918. Bitcoin slipped $14.36 or 2.30% to $625.55.
