Sharp Drop In Wholesale Inventories Weighs Down Markets

A sharp, larger than expected 1.7% drop in wholesale inventories weighed down the markets during the midday with the Dow tumbling 107 points to 9230. Nasdaq dropped 27 points to 1964.

On the upside

Angiotech Pharmaceuticals' (Nasdaq: ANPI) Zilver PTX Stent received CE Mark approval and will be launched in Europe.

Second quarter earnings for Farmer Mac (NYSE: AGM) rose.

Thomas Weisel Partners upgraded Brigham Exploration (Nasdaq: BEXP) saying that the company's petroleum inventory may be much larger than expected.

On the downside

Captstone Turbine (Nasdaq: CPST) blamed higher expenses for widening first quarter losses to fall short of expectations.

Anthracite Capital (NYSE: AHR) swung to a loss for the second quarter and warned that it may not meet some principal paydown requirements.

PAREXEL International (Nasdaq: PRXL) disappointed with lower fourth quarter earnings as revenue fell.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 11 points to 560.

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