Mixed Close On Outlook Downgrade

The markets closed mixed with the Dow losing 21 points to 15,499 after the Federal Reserve its economic outlook. Nasdaq rose 9 points to 3626.

On the upside

InvenSense (NYSE: INVN) reported higher first quarter earnings and revenue that topped analyst expectations.

Soros Fund Management acquired a large stake in Herbalife (NYSE: HLF).

Bargain hunters lifted shares of Desarrolladora Homex (NYSE: HXM).

On the downside

The New York Post reported that commercial lender CIT Group will no longer provide credit to small vendors for J.C. Penney (NYSE: JCP).

Shares of Visa (NYSE: V) tumbled after a district court judge ruled that the debit card transaction fee cap of 21 cents set by the Federal Reserve was too high.

Meru Networks (Nasdaq: MERU) narrowed second quarter losses but revenue fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 held steady at 1685.

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