Wholesale Stockpiles Rise 0.9%, Markets Open Lower
Posted on April 10, 2012 at 10:47 AM EDT
The markets opened lower with the Dow dropping 59 points to 12,870 as the nation's wholesale stockpiles rose 0.9% in February. Nasdaq lost 7 points to 3040.
On the upside
Supervalu (Nasdaq: SVU) fell to a loss for the fourth quarter due to an impairment charge but the results were better than expected.
Renren (NYSE: RENN) partnered with SnapDish to offer food photo sharing.
On the downside
The Food and Drug Administration approved a generic version of ViroPharma's (Nasdaq: VPHM) antibiotic Vancocin.
Shares of Optimer Pharmaceuticals (Nasdaq: OPTR) continued falling after firing chairman Michael Chang, chief financial officer John Prunty and vice president Youe-Kong Shue.
Sony (NYSE: SNE) blamed tax expenses for more than doubling its expected losses for the year.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 795.
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