Lower Close On Drop In Business Productivity

The markets closed lower with the Dow falling 42 points to 13,944 as the nation's business productivity fell a greater than expected 2% in the fourth quarter. Nasdaq slipped 3 points to 3165.

On the upside

Fourth quarter earnings slipped for Advance Auto Parts (NYSE: AAP) but the results were better than expected.

Bloomberg reported that Cablevision Systems (NYSE: CVC) was close to finalizing a deal to sell its Optimum West business to Charter Communications.

True Religion Apparel (Nasdaq: TRLG) reported lower fourth quarter earnings but revenue rose and the results beat analyst expectations.

On the downside

Accuray (Nasdaq: ARAY) widened second quarter losses as revenue fell.

Ann (NYSE: ANN) warned that fourth quarter revenue would fall short of expectations due to a drop in same store sales.

Monster Worldwide (NYSE: MWW) blamed the challenging global economy for falling to a loss for the fourth quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 index slipped 2 points to 1509.

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