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Fed Cuts Economic Projections, Markets Close Lower

The Federal Reserve cut its economic projections for the next two years to weigh the markets down to a lower close with the Dow losing 12 points to 12,824. Nasdaq edged up a fraction to 2930.

On the upside

Shares of James River Coal (Nasdaq: JRCC) and Patriot Coal (NYSE: PCX) climbed over expectations that coal demand will increase in India and China.

Choice Hotels International (NYSE: CHH) announced a special dividend of approximately $10 per share.

Shares of J. C. Penney (NYSE: JCP) continued rising after announcing the departure of president Michael Francis yesterday.

On the downside

La-Z-Boy (NYSE: LZB) reported higher fourth quarter earnings but revenue dropped to fall short of expectations.

Janney Montgomery Scott downgraded LivePerson (Nasdaq: LPSN) from a Buy rating to Neutral.

Shares of National Bank of Greece (NYSE: NBG) slipped as the new coalition government indicated that it would renegotiate its bailout agreement.

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points 784.

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