Jobless claims fell last week but rising food prices weighed on investors. The markets close flat with the Dow losing 10 points to 13,165. Nasdaq gained 7 points to 3018.
On the upside
Vringo will pay approximately $22 million in cash to acquire 500 patents from Nokia (Nasdaq: NOK).
MEMC Electronic Materials (NYSE: WFR) reported better than expected second quarter earnings yesterday.
MBIA (NYSE: MBI) reported higher second quarter earnings and vowed to collect an estimated $2 billion settlement from Bank of America (NYSE: BAC) for selling fraudulent mortgage backed securities.
On the downside
A Seeking Alpha contributor wrote that shares of Clearwire (Nasdaq: CLWR) will probably retreat. Four analysts downgraded Select Medical (NYSE: SEM) saying that there was little upside to the stock price.
Second quarter earnings slipped for Boingo Wireless (Nasdaq: WIFI) to fall short of expectations and the company forecast current quarter and full year results below estimates.
In the broad market, advancing issues edged out decliners by a margin of nearly 9 to 7 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 2 points to 802.
Flat Close Over Rising Food Prices
August 09, 2012 at 18:22 PM EDT
