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September 01, 2020 10:18am
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Closing Bell Report

The markets recovered from earlier losses to close mixed as wholesale inflation rose. The Dow climbed 44 points to 13,518 while Nasdaq lost 3 points to 2668.

On the upside

Several members of Congress questioned the FDA's review of Dendreon's (Nasdaq: DNDN) prostate cancer treatment Provenge saying that two panel advisors had financial ties to Dendreon rivals.

ADC Telecommunications (Nasdaq: ADCT) reported fourth quarter results that surpassed expectations.

Fannie Mae (NYSE: FNM) sold $5 billion in one month discount notes.

On the downside

Select Comfort (Nasdaq: SCSS) blamed disappointing sales for warning that fourth quarter earnings will miss expectations.

While fourth quarter earnings for Ciena (Nasdaq: CIEN) more than doubled to beat expectations, the communications equipment supplier warned that sales growth will slow.

J. P. Morgan analyst Paul Coster cited strong competition for downgrading Plantronics (NYSE: PLT).

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 769.

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