April 30, 2012 at 18:22 PM EDT
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.
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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