Mixed Markets As Durable Goods Orders Jump, Pending Home Sales Fall
January 28, 2013 at 03:57 AM EST
The markets traded mixed during the midday with the Dow holding steady at 13,895 as a drop in pending home sales tempered enthusiasm for a better than expected jump in durable goods orders. Nasdaq gained 11 points to 3160. On the upsideOCZ Technology (Nasdaq: OCZ) added 750W and 850W power supply unit models to its Silencer Ml III Power Supply Series.Georgia Gulf (NYSE: GGC) completed its acquisition of PPG’s commodity chemicals business.Idenix Pharmaceuticals (Nasdaq: IDIX) will develop all-oral direct-acting antiviral HCV combination therapies with Janssen Pharmaceuticals.On the downsideNomura downgraded PetSmart (Nasdaq: PETM) to Reduce and slashed its price target from $72 to $55. Details of 3D Systems’ (NYSE: DDD) acquisition of Coweb were undisclosed.Goldman Sachs downgraded AK Steel (NYSE: AKS) to a Sell rating.In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 index eased a fraction to 1502.
