Slowing Economic Growth In China Weighs Down Markets
The markets traded lower during the midday with the Dow dropping 79 points to 12,906 as economic growth in China slowed. Nasdaq fell 33 points to 3021.
On the upside
Joe's Jeans (Nasdaq: JOEZ) reported higher first quarter earnings as revenue climbed.
Speculation that Safeway (NYSE: SWY) may sell itself lifted shares of the supermarket chain.
iGate (Nasdaq: IGTE) reported higher first quarter earnings that topped analyst estimates as revenue surged.
On the downside
Network Engines (Nasdaq: NEI) customer EMC will transition away NEI's system integrators.
Talbots (NYSE: TLB) forecast first quarter revenue that fell short of analyst expectations.
Retreating natural gas prices weighed down shares of coal producer Arch Coal (NYSE: ACI).
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 800.