Lower Close Over Disappointing Earnings
Despite a sharp gain in new home sales, the markets closed lower with the Dow losing 25 points to 13,077 over disappointing earnings. Nasdaq slipped 8 points to 2981.
On the upside
NuVasive (Nasdaq: NUVA) reversed year ago losses to post a better than expected profit for the third quarter as revenue rose.
Fortune Brands Home & Security (NYSE: FBHS) reported sharply higher third quarter earnings that surpassed analyst expectations and raised its earnings guidance for the year.
Third quarter earnings dropped for Molina Healthcare (NYSE: MOH) but the results were better than expected.
On the downside
The Food and Drug Administration declined to approve United Therapeutics' (Nasdaq: UTHR) new drug application for extended release tablets of its pulmonary arterial hypertension treatment treprostinil diethanolamine.
Altera (Nasdaq: ALTR) reported lower third quarter earnings and warned of sequentially lower revenue in the fourth quarter.
Brinker International (NYSE: EAT) reported higher first quarter earnings but the results fell short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 813.
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