The major indexes drifted lower at the opening bell as investors mulled over a better than expected report on July factory orders. The Dow eased 15 points to 11,501 while Nasdaq slipped 3 points to 2346.
On the upside
Shares of Medivation (Nasdaq: MDVN) soared after the drug developer announced a partnership with Pfizer (NYSE: PFE) to market a drug candidate that treats Alzheimer's disease and Huntington's disease.
Ambac (NYSE: ABK) receive approval from Wisconsin regulators to re-start its Connie Lee Insurance Company subsidiary as a new municipal bond insurer.
Ospraie Management LLC will close its flagship fund after incurring significant losses. Lehman Brothers (NYSE:LEH), which is facing its own set of investment losses, owns 20% of the commodities-focused hedge fund.
On the downside
Corning (NYSE:GLW) lowered its guidance for revenues and earnings due to inventory issues and lower prices affecting its display-glass business.
Shares of Pier 1 Imports (NYSE: PIR) lost ground after the furniture retailer posted lower same-store sales.
In the broad market, advancing issues outpaced decliners by a slim margin on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap
stocks added 3 points to 742.
