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Lower Close As Fed Leans Away From Further Stimulus

Indications that the Federal Reserve may not support further economic stimulus measures sent the markets down to a lower close with the Dow dropping 64 points to 13,199. Nasdaq lost 6 points to 3113.

On the upside

SmartHeat (Nasdaq: HEAT) widened fourth quarter losses due to a goodwill impairment charge but revenue more than doubled.

Shares of Cobalt International Energy (NYSE: CIE) rose as rumors swirled that company may be targeted for acquisition.


Yongye International (Nasdaq: YONG) collected $140 million of $154 million accounts receivable during the first quarter.


On the downside


Merge Healthcare (Nasdaq: MRGE) sold its health information kiosks to higi for $2.75 million.


Bloomberg reported that NXP Semiconductor (Nasdaq: NXPI) filed a patent infringement suit against Research in Motion (Nasdaq: RIMM).

Forbes wrote that Supervalu (NYSE: SVU) was oversold.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 834.

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