Markets Mixed As Trading Halted On Some Stocks
The markets traded mixed during the midday with the Dow rising 36 points to 13,045 as unusual activity halted trading on some stocks. Nasdaq eased a point to 2937.
On the upside
Frontier Communications (Nasdaq: FTR) reported lower second quarter earnings.
Radian Group (NYSE: RDN) fell to a loss for the second quarter but the number of delinquent loans dropped and the company wrote $8.3 billion in new insurance.
Allstate (NYSE: ALL) reversed year ago losses to post a stronger than expected profit for the second quarter as revenue rose.
On the downside
Knight Capital Group (NYSE: KCG) said that routing errors impacted trades of approximately 150 companies on the New York Stock Exchange.
Genworth Financial (NYSE: GNW) said that it may not be able to spin-off its mortgage insurance business.
Polypore International (NYSE: PPO) disappointed with lower second quarter earnings that fell short of analyst expectations prompting downgrades.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 5 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 783.
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