Lower Close Ahead Of Earnings
The markets closed lower with the Dow plunging 110 points to 13,473 as corporations began reporting third quarter earnings. Nasdaq plummeted 47 points to 3065.
On the upside
Strong international demand for coal lifted share of James River Coal (Nasdaq: JRCC) and Peabody Energy (NYSE: BTU).
Gulfport Energy (Nasdaq: GPOR) affirmed its guidance for the full year and reported production results in the Utica Shale.
Forest Oil (NYSE: FST) will release third quarter earnings after market close on Monday, October 29, 2012.
On the downside
Supervalu (NYSE: SVU) supported the $7.5 billion antitrust settlement between credit card companies and retailers. Many retailers opposed the settlement saying that the deal failed to address price-fixing practices of credit card companies.
Penn Virginia (NYSE: PVA) announced a public offering of 12 million common shares and $50 million of depositary shares.
Masco (NYSE: MAS) will trade ex-dividend tomorrow but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 10 points to 827.
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