US Productivity Rises But Britains Growth Cut, Markets Trade Mixed
The markets traded mixed during the midday with the Dow adding 10 points to 13,178 as the nation's productivity rose in the second quarter but the Bank of England cut its economic growth forecast for Britain. Nasdaq eased a point to 3014.
On the upside
Gulfport Energy (Nasdaq: GPOR) reported lower second quarter earnings that fell short of analyst expectations.
Bargain hunters lifted shares of Tyson Foods (NYSE: TSN) whose stock price fell Monday after the meat processor reported sharply lower third quarter earnings and cut its full year revenue guidance.
Second quarter earnings rose for Rackspace Hosting (NYSE: RAX) as revenue climbed to beat expectations.
On the downside
Arch Coal (NYSE: ACI) reorganized its executive team by naming Gary L. Bennett to the position of vice president of operations support. Spectrum Pharmaceuticals (Nasdaq: SPPI) reported higher second quarter earnings but the stock price fell.
Second quarter earnings rose for EZchip Semiconductor (Nasdaq: EZCH) but the company forecast current quarter and full year results below expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 801.
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