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The Nasdaq has decided to continue listing

Big 5 Sporting Goods Corp.

and has offered it more time to complete its financial statements, the company said Friday. Nasdaq’s Listing Qualifications Panel pushed back the deadline for the El Segundo-based company to file its annual report with the Securities and Exchange Commission to Aug. 31 from Aug. 12. The deadline for the first- and second-quarter financial statements is Sept. 30.

Big 5 expects to file its annual report by the deadline and the quarterly reports shortly thereafter. The panel said it will not consider any additional requests from the company to extend deadlines.

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Fitch Ratings upgraded the debt ratings of

Northrop Grumman Corp.

, citing the Los Angeles defense contractor’s reduced debt levels and steady growth in revenues, margins and cash flow. The ratings agency upgraded the company’s senior unsecured debt and bank facility to “BBB+” from “BBB,” and its convertible preferred stock to “BBB” from “BBB-.”

Fitch said that the company’s liquidity and strong cash flow overcame concerns about Department of Defense budgetary constraints and Northrop’s strategic goal of returning more cash to stockholders, including repurchasing $1.5 billion worth of stock in the past two years.

– Morgan Stanley Dean Witter & Co.

will have to pay a Los Angeles investor $275,621 for a breach-of-contract claim, the National Association of Securities Dealers announced. The investor, Brigitte Zirnig-Rank, filed a negligence and fraud claim against Morgan Stanley and broker Rommy Maytal for breach of fiduciary duty. Details of the claim were not disclosed.