Better Than Expected Retail Sales Lifts Markets
Better than expected retail sales lifted the markets modestly higher during the midday with the Dow rising 6 points to 8338. Nasdaq added 3 points to 1796.

On the upside

Rising shipping rates lifted shares of Excel Maritime (NYSE: EXM) and Genco (NYSE: GNK).

CSX (NYSE: CSX) reported lower second quarter earnings but the results topped analyst estimates.

Shares of Gannett (Nasdaq: GCI) rose ahead of its earnings release tomorrow.

On the downside

Sinclair Broadcast (Nasdaq: SBGI) warned that it may file for Chapter 11 bankruptcy protection as advertising revenue continues falling and the television station owner must carry a heavy debt load.

Central Pacific Financial (NYSE: CPF) warned of a wider than expected loss for the second quarter due to higher credit expenses. The company said it will offer $100 million worth of common shares in order to raise capital.

Dell (Nasdaq: DELL) warned that while business is expected to improve next year, margins will continue to be pressured.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 495.

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