Mixed Markets As Consumer Spending Rises

The markets recovered early morning losses to trade mixed during the midday with the Dow slipping 3 points to 16,577 as consumer spending rose more than expected in March. Nasdaq gained 21 points to 4,135.

On the upside 

Yelp (NYSE: YELP) narrowed first quarter losses more than expected as revenue soared prompting upgrades.

Meritor (NYSE: MTOR) reversed year ago losses to post a stronger than expected profit for the second quarter prompting the company to raise its full year earnings guidance.

Pacific Biosciences of California (NYSE: PACB) narrowed first quarter losses as revenue more than doubled.

On the downside 

Sallie Mae (Nasdaq: SLM) completed the spin-off of Navient, its loan-management, servicing and asset-recovery business.

Emulex (NYSE: ELX) widened losses for the third quarter as revenue fell and forecast current quarter earnings and revenue below analyst expectations.

Monster Worldwide (NYSE: MWW) reported lower third quarter earnings and revenue.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 added 2 points to 1886. Bitcoin added $9.52 or 2.10% to $453.01.

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