On the upside
American Eagle Outfitters (NYSE: AEO) reported lower second quarter earnings but revenue rose and the company lifted its full year guidance.
JMP Securities initiated coverage of social gaming developer Zynga (Nasdaq: ZNGA) with a Market Outperform rating.
On the downside
A Seeking Alpha contributor wrote that Peregrine Pharmaceuticals (Nasdaq: PPHM) was overvalued. RBC Capital Markets downgraded Clearwire (Nasdaq: CLWR) to an Underperform rating.
T-Mobile introduced an unlimited data plan to compete with MetroPCS (NYSE: PCS), which announced a $55 unlimited plan yesterday.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 810.