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GDP Expands Less Than Expected, Markets Open Lower
Posted on January 27, 2012 at 09:46 AM EST
The nation's economy expanded at a lower than expected 2.8% annual pace in the fourth quarter to weigh the markets down to a lower open with the Dow dropping 74 points to 12,660. Nasdaq edged up a fraction to 2806. On the upside Eastman Chemical (NYSE: EMN) will pay approximately $3.38 billion in cash and stock to acquire Solutia (NYSE: SOA). Cepheid (Nasdaq: CPHD) fell to a loss for the fourth quarter but the results surpassed analyst expectations and the company forecast 2012 results well ahead of estimates.
Informatica (Nasdaq: INFA) reported higher fourth quarter earnings that topped estimates and expects its pipeline to rise in the first quarter. On the downside Riverbed Technology (Nasdaq: RVBD) reported higher fourth quarter earnings as revenue climbed but the company warned of a drop in the growth of its Steelhead product line in the first quarter. Ford (NYSE: F) reported sharply higher fourth quarter earnings due to an accounting change but the results fell short of analyst expectations.
Juniper Networks (NYSE: JNPR) disappointed with lower fourth quarter earnings and forecast first quarter results that fell far short of expectations. In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 793.
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