Flat Open As Spain's Recession Deepens
The markets opened flat with the Dow edging up a point to 13,104 as Spain's recession deepened. Nasdaq added 1 point to 3078.
On the upside
JoS. A. Bank Clothiers (Nasdaq: JOSB) reported higher second quarter earnings that beat analyst expectations as sales climbed.
WellPoint (NYSE: WLP) chief executive Angela Braly resigned due to shareholder pressure.
Molycorp (NYSE: MCP) successfully closed its public offering of convertible senior notes and common stock.
On the downside
Dycom (NYSE: DY) disappointed with flat fourth quarter earnings that fell short of expectations. Joy Global (NYSE: JOY) reported higher third quarter earnings but the mining equipment maker cited slowing demand for lowering its full year guidance.
JA Solar (Nasdaq: JASO) widened second quarter losses and cut its shipment outlook for the year.
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 814.
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