Lower Close As Earnings Disappoint
Disappointing corporate earnings sent the markets tumbling to a sharply lower close with the Dow plunging 104 points to 12,617. Nasdaq dropped 27 points to 2862.
On the upside
Shares of Chuy's Holdings (Nasdaq: CHUY) soared on its first trading day.
CoreLogic (NYSE: CLGX) reported higher second quarter earnings and revenue that surpassed analyst expectations.
Sanmina (Nasdaq: SANM) reported lower third quarter earnings but revenue topped analyst estimates.
On the downside
Lexmark International (NYSE: LXK) disappointed with sharply lower second quarter earnings that fell short of analyst expectations and forecast current quarter results below estimates.
Analysts expect Arch Coal (NYSE: ACI) to report a loss for the second quarter on Friday.
Boyd Gaming (NYSE: BYD) reversed year ago losses but the results fell short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and on by 5 to 2 Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 767.
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