Markets Tumble As Earnings Disappoint
Disappointing earnings sent the markets tumbling to a sharply lower open with the Dow plunging 102 points to 13,446. Nasdaq plummeted 26 points to 3046.
On the upside
Third quarter earnings fell for SanDisk (Nasdaq: SNDK) but the results surpassed analyst expectations by a wide margin.
Riverbed Technology (Nasdaq: RVBD) reported higher third quarter earnings that topped analyst estimates.
Capital One Financial (NYSE: COF) reported sharply higher third quarter earnings and revenue that beat analyst expectations.
On the downside
Marvell Technology (Nasdaq: MRVL) cut its third quarter revenue guidance and announced the resignation of chief executive officer Clyde Hosein prompting downgrades.
Chipotle Mexican Grill (NYSE: CMG) reported higher third quarter earnings and revenue but the results missed analyst expectations.
Advanced Micro Devices (Nasdaq: AMD) fell to a larger than expected loss for the third quarter and announced plans to eliminate approximately 1,770 employees.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 830.
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