Disappointment that neither the Federal Reserve nor the European Central Bank will provide further stimulus measures sent the markets tumbling to a sharply lower close with the Dow dropping 92 points to 12,878. Nasdaq lost 10 points to 2909. On the upside
Ocwen Financial (NYSE: OCN) reported higher second quarter earnings as revenue surged to beat analyst expectations. Second quarter earnings fell for United Online (Nasdaq: UNTD) but the results beat analyst expectations and the company announced plans to separate into two publicly traded companies. OfficeMax (NYSE: OMX) reversed year ago losses to post a better than expected profit for the second quarter. On the downside Incyte (Nasdaq: INCY) swung to a profit for the second quarter but the biopharmaceutical changed its revenue recognition model. Standard & Poor's downgraded the long and short term ratings for ArcelorMittal (NYSE: MT). Monster Worldwide (NYSE: MWW) reported lower second quarter earnings and forecast lower third quarter results. In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 768.