Markets Fall Ahead Of Fed Minutes
The markets traded lower during the midday with the Dow falling 62 points to 13,143 ahead of the release of minutes from the Federal Reserve meeting last month. Nasdaq slipped 2 points to 3065.
On the upside
Second quarter earnings fell for Qihoo 360 (NYSE: QIHU) but the results topped estimates and the company forecast current quarter revenue ahead of expectations.
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.
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