Soaring home foreclosure rates and falling consumer confidence weighed down the markets during the midday with the Dow dropping 23 points to 12,849. Nasdaq slipped 2 points to 2422.
On the upside
First quarter earnings for Lear (NYSE: LEA) soared as the company trimmed expenses. The impressive results prompted the automotive interior products maker to lift its full year outlook.
Although first quarter earnings for Office Depot (NYSE: ODP) tumbled due to the soft economy, the results beat expectations.
On the downside
Disappointing sales growth and lower than expected production levels prompted Gildan Activewear (NYSE: GIL) to cut both its second quarter guidance as well as its full year outlook.
Although Fresh Del Monte Produce (NYSE: FDP) reported higher first quarter earnings, gross margin fell prompting a downgrade.Second quarter earnings for Energizer Holdings (NYSE: ENR) dropped to fall short of estimates due to the weak economy and the company warned of a challenging environment for the rest of the year.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 719.