Flat consumer spending in April weighed down the markets to a lower open with the Dow losing 23 points to 10,235. Nasdaq slipped 3 points to 2274.
On the upside
OmniVision Technologies (Nasdaq: OVTI) reversed year ago losses to post a better than expected profit for the fourth quarter and forecast first quarter revenue ahead of estimates.
Ener1 (Nasdaq: HEV) entered a joint venture with Chinese auto parts supplier Wanxiang to produce electric vehicle battery systems.
Origin Agritech (Nasdaq: SEED) sold its 34% stake in Chinese cotton seed producer Biocentury Transgene.
On the downside
While Blue Coat Systems (Nasdaq: BCSI) swung to a profit for the fourth quarter, the company forecast first quarter results below expectations.
Maxim Group downgraded DJSP Enterprises (Nasdaq: DJSP) after the company reported lower first quater results.
Shares of deepwater drilling companies Noble (NYSE: NE) and Transocean (NYSE: RIG) dropped after the government ordered drilling to stop at 33 deepwater wells while safety reviews are conducted.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 5 points to 664.
