Markets Lower As Earnings Disappoint

The markets recovered early morning losses but continued trading lower with the Dow dropping 59 points to 14,965 as corporate earnings disappointed. Nasdaq added 2 points to 3403.

On the upside

Emmis Communications (Nasdaq: EMMS) reversed year ago losses to post a profit for the first quarter.

Ascendiant Capital Markets initiated coverage of American Superconductor (Nasdaq: AMSC) with a Buy rating.

Shares of Noodles & Co. (Nasdaq: NDLS) doubled in its market debut.

On the downside

Medicare payment cuts to Amedisys (Nasdaq: AMED) in 2014 will average a greater than expected 1.7% prompting a downgrade.

Clean Diesel Technologies (Nasdaq: CDTI) priced its public offering of 1.6 million common shares at the discounted price of $1.245 per share.

Robert W. Baird downgraded Gentiva Health Services (Nasdaq: GTIV) from a Neutral rating to an Underperform rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The broader S&P 500 index lost 3 points to 1610.

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