Markets Pare Losses On Mild Drop In Construction Spending

The markets pared some of its losses as construction spending dropped by a less than expected 0.6% in November. The Dow fell 57 points to 8978 while Nasdaq slipped 4 points to 1628.

On the upside

Motley Fool listed Teck Cominco (NYSE: TCK) as a great buying opportunity due to its low price and price-to-earnings ratio.

Stifel Nicolaus analyst Greg Mason upgraded Allied Capital (NYSE: ALD) after the investment firm amended the terms of its credit agreement.

KeyBanc Capital Markets analyst Dennis Forst reported that New Year's Eve results in Las Vegas may have been better than expected, lifting shares of Las Vegas Sands (NYSE: LVS).

On the downside

JPMorgan Securities analyst Steven Alexopoulos slashed his price target for Synovus Financial (NYSE: SNV) and forecast a fourth quarter loss after the company warned that its loan loss provision for the fourth quarter will more than quadruple.

Keefe Bruyette downgraded Cullen/Frost Bankers (NYSE: CFR).

Tyson Foods (NYSE: TSN) president and chief executive Dick Bond resigned from the world's largest meat processing company, effective immediately. Former chairman and chief executive Lelan Tollett will replace Bond on an interim basis.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 504.