Opening Bell Report
Posted on January 07, 2008 at 10:00 AM EST
The markets opened higher, but quickly gave up their gains as investors worried about the economy slipping into a recession. The Dow lost 4 points to 12,796 while Nasdaq was unchanged at 2504.
On the upside
Sallie Mae (NYSE: SLM) named a new chairman and CFO for the nation's largest student lender.
Shares of CNET Networks (Nasdaq: CNET) edged higher after a private equity firm announced efforts to place its own nominees on the board of the online technology media company.
The CEO of Krispy Kreme Doughnuts (NYSE: KKD) announced plans to step down by the end of January. Separately, the company said all of its products would have zero grams of trans fat.
On the downside
Shares of Empire Resorts (Nasdaq: NYNY) tumbled after the Department of Interior denied a request by a partner tribe to build a casino at Monticello Raceway in upstate New York.
Sling Media announced plans to release software that will let user watch television on BlackBerry smart phones made by Research in Motion (Nasdaq: RIMM).
Shares of business software company Tibco Software (Nasdaq: TIBX) lost ground following an analyst downgrade.
In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 719.
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