August 21, 2008 at 12:51 PM EDT
Mid-Day Report

A surge in oil prices weighed down the markets during the midday with the Dow falling 40 points to 11,378. Nasdaq dropped 18 points to 2371.

On the upside

Although second quarter earnings for Dick's Sporting Goods (NYSE: DKS) slipped as same store sales fell, the results topped analyst expectations.

RBC Capital Markets upgraded Goldcorp (NYSE: GG) to Top Pick.

UBS upgraded Arch Coal (NYSE: ACI) to a Buy rating.

On the downside

Hot Topic (Nasdaq: HOTT) narrowed second quarter losses but same store sales dropped. The teen clothing retailer expects same store sales to continue falling in the third quarter.

Despite higher revenue, JDS Uniphase (Nasdaq: JDSU) widened fourth quarter losses.

While Synopsys (Nasdaq: SNPS) reported third quarter earnings that more than doubled, the electronic design automation software company forecast disappointing fourth quarter results prompting a downgrade.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 8 points to 723.

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