Lower Open As GDP Contracts
Posted on January 30, 2013 at 09:38 AM EST
The markets opened lower with the Dow losing 24 points to 13,930 as the nation's economy contracted in the fourth quarter. Nasdaq slipped 3 points to 3150.
On the upside
Chesapeake Energy (NYSE: CHK) chief executive Aubrey McClendon will retire on April 1 prompting an upgrade.
Keryx Biopharmaceuticals (Nasdaq: KERX) will make a public offering of $55 million worth of common stock.
On the downside
Ventrus Biosciences (Nasdaq: VTUS) priced its public offering of 5.8 million common shares at the discounted price of $2.50 per share. Sensata Technologies (NYSE: ST) reported sharply higher fourth quarter earnings that topped analyst estimates but the company forecast current quarter results below expectations.
Meritor (NYSE: MTOR) narrowed first quarter losses but the results fell short of analyst expectations and the company trimmed its full year revenue guidance.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index slipped 2 points to 1504.
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