Consumer Sentiment Disappoints, Markets Tumble At Open
The markets opened sharply lower with the Dow plunging 113 points to 13,372 as consumer sentiment rose less than expected in September. Nasdaq dropped 24 points to 3112. On the upside
Research in Motion (Nasdaq: RIMM) fell to a loss for the second quarter but the results were better than expected. Questcor Pharmaceuticals (Nasdaq: QCOR) declared an initial quarterly dividend of 20 cents per share payable on November 15, 2012 to shareholders of record October 31, 2012. The company also increased its stock repurchase program to 7 million shares. Fourth quarter earnings fell for Accenture (NYSE: ACN) but the results beat expectations. On the downside Adtran (Nasdaq: ADTN) warned that third quarter results would fall short of expectations. Time Warner (NYSE: TWX) will sell 46.4 million shares of Clearwire (Nasdaq: CLWR) that it owns. Peregrine Pharmaceuticals (NYSE: PPHM) defaulted on a $30 million loan. In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 837.