Mixed Close As Auto Sales Soar While Manufacturing Activity Drops
September 04, 2012 at 10:09 AM EDT
The markets closed mixed with the Dow falling 54 points to 13,035 manufacturing activity dropped in August but auto sales soared. Nasdaq rose 8 points to 3075.On the upsideGoldman Sachs analyst Brian Karimzad upgraded GameStop (NYSE: GME) to a Buy rating. Analysts expect Hovnanian Enterprises (NYSE: HOV) to narrow third quarter losses when the homebuilder reports earnings on Thursday before market open.An appeals court will allow Santarus (Nasdaq: SNTS) to sue Par Pharmaceuticals (NYSE: PRX) for infringing on patents for its heartburn drug Zegerid.On the downsideAnalysts expect Navistar (NYSE: NAV) to report a loss for the third quarter. Renren (NYSE: RENN) will change its business model from a social networking platform to mobile gaming and e-commerce site.A Seeking Alpha contributor cautioned investors to carefully read Digital Domain Media’s (Nasdaq: DDMG) financials.In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 822.