Mid-Day Report

Disappointing earnings weighed down the markets during the midday with the Dow falling 26 points to 12,475. Nasdaq tumbled 31 points to 2386.

On the upside

Knight Capital Group (Nasdaq: NITE) reported higher fourth quarter earnings that beat expectations as trading volume rose.

Needham & Co. upgraded Mattel (NYSE: MAT).

PNM Resources (NYSE: PNM) will pay $202.5 million to aquire Continental Energy's Texas electric delivery division and will sell to Continental its New Mexico utility's natural gas operations for $620 million.

On the downside

Sceintific Games (Nasdaq: SGMS) lost its contract to provide terminal based lottery services to the Pennsylvania State Lottery.

Stereotaxis (Nasdaq: STXS) blamed the delayed launch of its heart catheter device for forecasting fourth quarter revenue below expectations and lowered its full year outlook.

Ambac Financial (NYSE: ABK) announced the immediate retirement of chief executive Robert Genader who will be replaced by Michael Callen. The bond insurer will also take $5.4 billion write-down in the fourth quarter and drastically cut its dividend to 7 cents from 21 cents.

In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 694.

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