Disappointing Earnings Weigh Down Markets
Disappointing corporate earnings weighed the markets down during the midday with the Dow plunging 116 points to 13,357. Nasdaq lost 9 points to 3055.
On the upside
Cleantech Solutions (Nasdaq: CLNT) received $2.2 million in purchase orders for 23 units of airflow dyeing machines.
Ladenburg Thalmann affirmed its Buy rating on Keryx Biopharma (Nasdaq: KERX) and lifted its price target to $5 from $3.
FedEx (NYSE: FDX) announced a plan to cut expenses by $1.7 billion over three years.
On the downside
Accuride (NYSE: ACW) warned that full year revenue would fall short of expectations.
Ferro (NYSE: FOE) slashed its full year earnings guidance and announced that it was exploring strategic options for its solar pastes business.
The Los Angeles Times reported that consumer groups plan to oppose Tesoro's (NYSE: TSO) $2.5 billion acquisition of Arco.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 826.
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here