Lower Close Ahead Of Earnings
Posted on January 07, 2013 at 17:26 PM EST
The markets closed lower with the Dow falling 50 points to 13,384 ahead of earnings. Nasdaq slipped 2 points to 3098.
On the upside
Newcastle Investment (NYSE: NCT) will acquire an interest in Excess Mortgage Servicing Rights and will spin-off its residential assets.
Goldman Sachs, Credit Suisse and Roth Capital Partners all initiated coverage of SolarCity (Nasdaq: SCTY) with positive ratings.
On the downside
Canaccord Genuity downgraded Cree (Nasdaq: CREE) to a Hold rating. December same store sales fell 2.2% for Rite Aid (NYSE: RAD).
Howard Weil downgraded Tesoro (NYSE: TSO) from a Focus Stock to a Market Outperform rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on the NYSE and by nearly 7 to 5 on Nasdaq. The broader S&P 500 index slipped 4 points to 1461.
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