The markets trimmed its losses during the midday but continued to languish in negative territory with the Dow falling 67 points to 12,943. Nasdaq tumbled 14 points to 2583.
On the upside
ValueVision (Nasdaq: VVTV) engaged the services of Alvarez & Marsal to review its business practices and has launched a search for a new chief executive after widening third quarter losses.
Par Pharmaceutical (NYSE: PRX) reported higher first quarter earnings, reversed year ago losses to post a profit for the second quarter and lifted its full year outlook. The generic drug maker delayed its financial reports because it had to restate prior results.
Bernstein upgraded Electronic Data Systems (NYSE: EDS).
On the downside
Morgan Joseph analyst Dean Haskell downgraded Jamba (Nasdaq: JMBA) after the smoothie chain announced that store growth in 2008 will be slowed due to economic pressures.
Although Patterson (Nasdaq: PDCO) reported higher second quarter earnings, the results fell short of expectations and the dental and veterinary supply company trimmed its full year guidance.
A sharp drop in new home construction weighed down shares of Pulte Homes (NYSE: PHM).
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 742.