The European Central Bank failed to announce further stimulus measures sending the markets tumbling during the midday with the Dow plunging 149 points to 12,821. Nasdaq dropped 19 points to 2900. On the upside
Tesoro (NYSE: TSO) reported sharply higher second quarter earnings that surpassed analyst expectations by a wide margin, announced a $500 million stock repurchase plan and declared a dividend of 12 cents per share payable on September 14, 2012 to shareholders of record on August 31, 2012. July same store sales for Gap (NYSE: GPS) soared a greater than expected 10%. Genco Shipping (NYSE: GNK) fell to a loss for the second quarter but the results topped estimates and announced waivers from three credit facilities to postpone payments until December 2013. On the downside Aeropostale (NYSE: ARO) reported a disappointing 1% drop in July same store sales prompting the teen retailer to slash its second quarter earnings outlook. Abercrombie & Fitch (NYSE: ANF) warned that second quarter and full year earnings will fall far short of expectations after same store sales plunged 10%. Sealed Air (NYSE: SEE) disappointed by falling to a loss for the second quarter. In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 5 points to 765.