The markets closed lower with the Dow dropping 64 points to 13,008 ahead of possible economic stimulus announcements by the Federal Reserve and the European Central Bank. Nasdaq lost 6 points to 2939. On the upside
Vishay Intertechnology (NYSE: VSH) reported lower second quarter earnings and revenue that missed analyst estimates but the stock price climbed. Third quarter earnings slipped for Kulicke & Soffa (Nasdaq: KLIC) but revenue beat expectations. Five Star Equities issued a research report on James River Coal (NYSE: JRCC) saying that the company will benefit from an expected increase in thermal coal demand. On the downside PMC-Sierra (Nasdaq: PMCS) reported higher second quarter earnings that topped analyst estimates but the company warned of slowing demand in the current quarter and cut its revenue guidance prompting downgrades. Shares of Suntech Power (NYSE: STP) continued falling after reporting yesterday that ap pledge of German bonds may have been fraudulent. RealD (NYSE: RLD) reported lower first quarter earnings that missed estimates by a wide margin prompting a downgrade. In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 786.