Mixed Open As Consumer Spending Outstrips Income Gains
The markets opened mixed with the Dow rising 18 points to 13,163 as consumer spending rose the most in seven months but incomes barely edged up. Nasdaq fell 8 points to 3087.
On the upside
The Food and Drug Administration said that an advisory panel's recommendation that weight loss treatments should assess the risk for heart attacks and strokes will not affect Vivus (Nasdaq: VVUS).
ImmunoGen (Nasdaq: IMGN) reported positive results from a Phase III clinical trial of its trastuzumab emtansine.
Spanish Broadcasting System (Nasdaq: SBSA) reported higher fourth quarter earnings as revenue rose.
On the downside
The Finish Line (Nasdaq: FINL) reported higher fourth quarter earnings but warned of lower first quarter earnings.
Shire (Nasdaq: SHPGY) reported disappointing results from a Phase 3 investigational study of its SPD476, MMX mesalamine to treat diverticulitis.
Shares of Best Buy (NYSE: BBY) continued falling after posting a fourth quarter loss yesterday and announcing plans to close 50 stores.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 833.