The markets traded mixed during the midday with the Dow rising 10 points to 9827 while Nasdaq tumbled 26 points to 2147. Fed chief Bernanke said that the nation's economy will continue to recover while Fitch Ratings warned of fiscal challenges in the United Kingdom.
On the upside
A patent dispute over Impax Laboratories' (Nasdaq: IPXL) generic version of Penwest Pharmaceuticals' (Nasdaq: PPCO) and Endo Pharmaceutical's (Nasdaq: ENDP) pain medication Opana ER was settled.
Coldwater Creek (Nasdaq: CWTR) presented at the Piper Jaffray 30th Annual Consumer Conference this morning.
PolyOne (NYSE: POL) will distribute silicon products made by Dow Corning, which is a joint venture by Dow Chemical (NYSE: DOW) and Corning (NYSE: GLW).
On the downside
Auxilium Pharmaceuticals (Nasdaq: AUXL) reported upbeat results for its Dupuytren's contracture drug Xiaflex but Jefferies & Co. analyst Thomas Wei expressed concerns over health care reimbursements for the new treatment.
Inverness (NYSE: IMA) extended its exchange offer for its 7.875% Senior Notes due in 2016 to Friday, June 11, 2010.
Talbots (NYSE: TLB) narrowed first quarter losses but revenue fell short of expectations and the women's apparel retailer forecast disappointing second quarter results.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 9 points to 608.
