Markets Close Lower Over Disappointing Economic Data

June 03, 2009 at 16:50 PM EDT

Disappointing factory orders and services sector activity sent the markets down to a lower close with the Dow falling 65 points to 8675. Nasdaq lost 10 points to 1825.

On the upside

Angiotech Pharmaceuticals (Nasdaq: ANPI) entered a license, distribution and supply agreement for Haemacure's proprietary fibrin and thrombin technology.

Raymond James analyst Budd Bugatch upgraded La-Z-Boy (NYSE: LZB) saying that the company's prices will attract consumers once the economy recovers.

KeyBanc Capital Markets analyst Todd Fowler upgraded Hub Group (Nasdaq: HUBG) .

On the downside

Western Refining (NYSE: WNR) forecast second quarter results that fall far short of analyst expectations.
Shares of CIT Group (NYSE: CIT) continued to fall after Fitch Ratings cut the financial services firm's senior debt ratings.
Although Mechel OAO (NYSE: MTL) reported higher 2008 earnings, the results missed estimates by a wide margin.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 522.