The markets opened lower as investors continued to worry about soaring oil prices. The Dow lost 33 points to 11,316 while Nasdaq fell 6 points to 2288.
Shares of Apple (Nasdaq: AAPL) rose after AT&T (NYSE: T) announced plans to sell the new version of the iPhone without a service contract for $400 more than the price with a 2-year plan.
A Morgan Stanley analysts raised his opinion of Lehman Brothers (NYSE: LEH) on a book value basis.
CIT Group (NYSE: CIT) announced the sale of its home lending business to Lone Star Funds for $1.5 billion and assigned $4.4 billion of debt and other liabilities.
On the downside
Car rental company Dollar Thrifty Automotive Group (NYSE: DTG) blamed the weak economy for reduced revenue and profit targets.An analyst downgraded Lee Enterprises (NYSE: LEE) which owns newspapers in 23 states.
Shares of Fortune Brands (NYSE: FO) tumbled after the maker of spirits and home products lowered its 2nd quarter outlook.
In the broad market, declining issues outpaced advancers by a margin
of more than 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The
Russell 2000 which tracks small cap stocks slipped 2 points to 687..
