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Markets Mixed As Wholesale Inventories Tumble

The markets traded mixed during the midday with the Dow slipping 7 points to 8757 as wholesales inventories tumbled by a larger than expected 1.4% in April. Nasdaq gained 15 points to 1857.

On the upside

JMP Securities upgraded Marvell Technology (Nasdaq: MRVL) saying that more smartphones are using its controller technology.

Satyam Computer (NYSE: SAY) reported earnings of $33.5 million for the December quarter.

FuelCell Energy (Nasdaq: FCEL) narrowed second quarter losses even as revenue fell.

On the downside

Quiksilver (NYSE: ZQK) agreed to a five year $150 million loan and entered into three year $200 million credit facility.

Callaway Golf (NYSE: ELY) slashed its quarterly dividend payable on July 15 to shareholders of record June 26 from 7 cents per share to 1 cent per share.

Popular (Nasdaq: BPOP) will offer up to 390 million common shares in exchange for Series A Preferred Stock, Series B Preferred Stock and Trust Preferred Securities.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by a margin of more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 528.

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