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GDP Revised Downward, Markets Close Lower

A downward revision of the nation's economy in the first quarter weighed the markets down to a lower close with the Dow losing 26 points to 12,393. Nasdaq fell 10 points to 2827.

On the upside

Flower Foods (NYSE: FLO) will pay approximately $370 million in cash and stock to acquire Lepage Bakeries.

Galena Biopharma (Nasdaq: GALE) appointed Gabriel N. Hortobagyi, M.D., F.A.C.P., to its Scientific Advisory Board.

Rosetta Genomics (Nasdaq: ROSG) will present clinical trial data from two miRview products at the American Society of Clinical Oncology 2012 Annual Meeting in Chicago from June 1-5, 2012.

On the downside

National Bank of Greece (NYSE: NBG) posted significant first quarter losses as loan loss provisions ballooned.

Goldman Sachs analyst Donald Lu downgraded United Microelectronics (NYSE: UMC) to a Sell rating.

Kohl's (NYSE: KSS) disappointed with a 4.2% drop in May same store sales.

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while decliners outpaced advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 761.

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