Markets Mixed Over Disappointing Economic Data

The markets traded mixed during the midday as personal spending and construction spending both dropped by a larger than expected amount. The Dow lost 27 points to 7973 while Nasdaq climbed 16 points to 1493.

On the upside

Although BE Aerospace (Nasdaq: BEAV) swung to a loss for the fourth quarter due to a hefty one-time charge, the results surpassed analyst estimates.

Mariner Energy (NYSE: ME) announced discoveries of oil in two deep water wells in the Gulf of Mexico and one deep shelf well.

Human Genome Sciences (Nasdaq: HGSI) will deliver 20,000 doses of its anthrax infection treatment ABthrax to the U. S. government.

On the downside

Corus Bankshares (Nasdaq: CORS) warned that it may need an infusion of capital as loan losses mount and announced that a preliminary response from the Treasury Department suggested that the bank's application for government assistance will be rejected.

ADC Telecommunications (Nasdaq: ADCT) blamed weak demand and a large noncash impairment charge for lowering its first quarter outlook and warning of job cuts.

Fitch Ratings downgraded NOVA Chemicals' (NYSE: NCX) Issuer Default Rating, senior secured revolver, unsecured revolver and notes.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 447.