Mixed Markets As Investors Digest Earnings
The markets traded mixed during the midday with the Dow losing 28 points to 13,314 as investors digested corporate earnings reports. Nasdaq added 3 points to 3009.
On the upside
Bargain hunters snapped up shares of Arch Coal (NYSE: ACI) whose stock price dropped on Friday on reports that retirees of bankrupt Patriot Coal may pursue claims against Arch Coal where many retirees worked before being acquired by Patriot.
Sichuan Chemical Industry agreed to purchase more than $2 billion worth of potash over a ten year period from Prospect Global Resources (Nasdaq: PGRX).
A jury ruled that Volcano (Nasdaq: VOLC) did not infringe on St. Jude Medical (NYSE: STJ) patents.
On the downside
Ellie Mae (NYSE: ELLI) introduced a new solution for creating and completing loan documents from initial disclosure to closing but the stock price dropped.
Nielsen (NYSE: NLSN) reported higher third quarter earnings that topped analyst estimates but revenue fell short of expectations.
Magnum Hunter (NYSE: MHR) discovered an inadvertent accounting error in the calculation of non-cash share-based compensation expense related to common stock options granted in the second quarter 2012.
In the broad market, declining issues barely edged out advancers by a slim margin on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 820.
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