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September 01, 2020 10:18am
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Flat Open As GDP Expands Less Than Expected

The markets opened flat with the Dow adding 7 points to 13,212 while Nasdaq eased a fraction to 3050 as the nation’s economy expanded slower than expected in the first quarter.

On the upside

Amazon (Nasdaq: AMZN) reported lower first quarter earnings but the results surpassed analyst expectations by a wide margin. 

Expedia (Nasdaq: EXPE) slipped to a first quarter loss but the results were better than expected.

 

Times of London reported that Warner Chilcott (Nasdaq: WCRX) may be acquired by Bayer.

On the downside

Allscripts Healthcare Solutions (Nasdaq: MDRX) blamed higher development costs for sharply lower first quarter earnings that fell far short of expectations and announced the resignation of chief financial officer Bill Davis.  

Western Digital (NYSE: WDC) reported sharply higher third quarter earnings and revenue that beat analyst expectations but the company said that prices have stabilized. 

  

First quarter earnings plunged for Deckers Outdoor (Nasdaq: DECK) to fall short of expectations as warm winter weather dampened demand for Ugg boots.

In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 813.

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