Lower Open Over Fiscal Cliff
The markets opened lower with the Dow slipping 15 points to 13,019 despite a drop in first time applications for unemployment benefits as investors continued to monitor fiscal cliff developments. Nasdaq eased 2 points to 2971.
On the upside
Lululemon Athletica (Nasdaq: LULU) reported higher third quarter earnings and revenue that topped analyst expectations.
Akamai Technologies (Nasdaq: AKAM) partnered with AT&T (NYSE: T) to offer content delivery network services.
On the downside
Shares of Freeport-McMoRan Copper & Gold (NYSE: FCX) continued falling after announcing yesterday plans to acquire McMorRan Exploration (NYSE: MMR) and Plains Exploration (NYSE: PXP) for approximately $9 billion.
Lifevantage (Nasdaq: LFVN) voluntarily recalled and replaced certain lots of its dietary supplement Protandim.
Men's Wearhouse (NYSE: MW) reported higher third quarter earnings but the results fell short of expectations and the men's clothing retailer cut its current quarter and full year guidance.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 818.
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