Mixed earnings news weighed down the markets during the midday with the Dow dropping 29 points to 12,591. Nasdaq lost 16 points to 2334.
On the upside
Stronger than expected wholesale revenue prompted Chinese jewelry maker Fuqi International (Nasdaq: FUQI) to raise its first quarter as well as its 2008 full year outlook.
While MGIC Investment (NYSE: MTG) swung to a loss for the first quarter, the results beat estimates.
On the downside
Second quarter earnings for Meridian Bioscience (Nasdaq: VIVO) fell short of estimates due to weak sales.
Nokia (NYSE: NOK) reported higher first quarter earnings but warned of lower profits for 2008 as the value of the dollar weakens.
While Briggs & Stratton (NYSE: BGG) reported higher third quarter earnings, the results fell short of estimates and the company forecast full year results below expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 41 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 708.