The markets fell during the midday as foreclosures continued to soar. The Dow tumbled 87 points to 12,023 while Nasdaq lost 12 points to 2232.
On the upside
Genesco (NYSE: GCO) reported sharply lower fourth quarter earnings as sales dropped and the company incurred significant expenses from rival Finish Line's attempt to acquire Genesco. The shoe and apparel retailer annouced plans to repurchase up to $100 million in common stock.
Three affiliates of Foundation Coal Holdings (NYSE: FCL) received awards for outstanding safety records.
On the downsideThe results of a recent study indicated that Aspect Medical Systems' (Nasdaq: ASPM) monitoring device Bispectral Index was no more effective than previously available products.
Noven Pharmaceuticals (Nasdaq: NOVN) will delay filing its fourth quarter results and reported preliminary earnings that fell short of estimates prompting a downgrade.
While Virgin Mobile USA (NYSE: VM) narrowed fourth quarter losses, the results missed estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 670.