The markets retreated in late afternoon trading to close lower with
Dow falling 62 points to 12,240 as investors doubted that Congress would pass a debt reduction bill. Nasdaq added a point to
On the upside
Crocs (Nasdaq: CROX) reported sharply higher second quarter earnings that surpassed analyst expectations by a wide margin as revenue climbed and the maker of colorful plastic shoes forecast current quarter results ahead of estimates.
Molycorp (NYSE: MCP) modified a supply contract in order to receive higher payment for lanthanum from a major client.
Second quarter earnings rose for Cameron International (NYSE: CAM) to top analyst estimates and the oil and gas industries services provider lifted its outlook for the full year.
Sprint's (NYSE: S) new partnership with LightSquared to build a nationwide 4G wireless network using LTE technology sent shares of Clearwire (Nasdaq: CLWR), which is Sprint's current nationwide 4G wireless provider, plunging.
CB Richard Ellis Group (NYSE: CBG) reported higher second quarter earnings but the results fell short of analyst expectations.
Waste Management (NYSE: WM) blamed higher expenses for lower second quarter earnings.