Lower Close As Consumer Spending Slows

The markets closed lower with the Dow slipping 14 points to 13,213 despite a gain in household income as consumer spending slowed last month. Nasdaq dropped 22 points to 3046.

On the upside

J. P. Morgan raised its price target for SandRidge Energy (NYSE: SD) to $13 from $9.50 and upgraded the company to an Overweight rating.

Collective Brands (NYSE: PSS) indicated that it favored the acquisition offer from a group lead by Wolverine World Wide (NYSE: WWW).

Accretive Health (NYSE: AH) filed a motion to dismiss the Minnesota Attorney General's complaint against the company's debt collection practices.

On the downside

Groupon (Nasdaq: GRPN) replaced board of director members Howard Schultz and Kevin Efrusy.

Shares of Fusion-io (NYSE: FIO) continued falling after reporting a third quarter loss last week.

Sohu (Nasdaq: SOHU) reported first quarter earnings and revenue that topped analyst estimates but the company forecast current quarter results well below expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 816.

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