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Disappointing Retail Sales Weighs Down Markets
Posted on February 14, 2012 at 14:17 PM EST
Disappointing January retail sales weighed the markets down during the midday with the Dow falling 49 points to 12,824. Nasdaq lost 11 points to 2919.
On the upside
Rite Aid (NYSE: RAD) announced a cash tender offer for its 8.625% senior notes due 2015.
Fossil (Nasdaq: FOSL) reported higher fourth quarter earnings that beat analyst expectations.
On the downside
Energy Conversion (Nasdaq: ENER) filed for Chapter 11 bankruptcy protection.
Auriga Securities analyst Hari Chandra downgraded Yingli Green Energy (NYSE: YGE) to a Hold rating.
Zipcar (Nasdaq: ZIP) swung to a better than expected profit for the fourth quarter but the company warned of wider than expected losses for the first quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 818.
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