Rising Wholesale Prices Weigh Down Markets
The markets retreated to trade lower during the midday with the Dow slipping 20 points to 13,306 as the surging cost of gasoline lifted wholesale prices. Nasdaq lost 7 points to 3041.
On the upside
STMicroelectronics (NYSE: STM) denied rumors that it was considering separating the company into at least two different businesses.
JB Hunt (Nasdaq: JBHT) reported higher third quarter earnings as revenue rose to top analyst estimates.
McMoRan Exploration (NYSE: MMR) declared a quarterly cash dividend on preferred stocks payable on November 15, 2012 to shareholders of record November 1, 2012.
On the downside
Ryan & Maniskas filed a class action lawsuit against OCZ Technology Group (Nasdaq: OCZ) alleging securities law violations.
Infosys (Nasdaq: INFY) reported higher second quarter earnings but revenue fell short of expectations and the company cut its earnings guidance for year.
Bank of America/Merrill Lynch downgraded Liquidity Services (Nasdaq: LQDT) to a neutral rating.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 822.
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