Closing Bell Report
Crude oil dropped nearly $4 a barrel to lift the markets to a modestly higher close. The Dow rose 30 points to 11,632 while Nasdaq climbed 22 points to 2326.
On the upside
Shares of mortgage insurer Radian Group (NYSE: RDN) surged over optimism that legislation in the House to assist Fannie Mae and Freddie Mac will strengthen the housing market.
Lennox International (NYSE: LII) reported higher second quarter earnings that beat expectations as warmer weather boosted sales in its refrigeration business.
CEC Entertainment (NYSE: CEC), which operates Chuck E. Cheese restaurants, reported higher second quarter earnings that surpassed estimates and lifted its full year outlook.
On the downside
ADC Telecommunications (Nasdaq: ADCT) blamed weak demand for lowering its fiscal 2008 guidance.
E-Trade Financial (Nasdaq: ETFC) swung to a loss for the second quarter and warned that the sluggish economy will continue to challenge the company's recovery efforts.
While second quarter earnings rose for Convergys (NYSE: CVG), revenue fell and the business outsourcing services company lowered its full year outlook.
On the upside
Shares of mortgage insurer Radian Group (NYSE: RDN) surged over optimism that legislation in the House to assist Fannie Mae and Freddie Mac will strengthen the housing market.
Lennox International (NYSE: LII) reported higher second quarter earnings that beat expectations as warmer weather boosted sales in its refrigeration business.
CEC Entertainment (NYSE: CEC), which operates Chuck E. Cheese restaurants, reported higher second quarter earnings that surpassed estimates and lifted its full year outlook.
On the downside
ADC Telecommunications (Nasdaq: ADCT) blamed weak demand for lowering its fiscal 2008 guidance.
E-Trade Financial (Nasdaq: ETFC) swung to a loss for the second quarter and warned that the sluggish economy will continue to challenge the company's recovery efforts.
While second quarter earnings rose for Convergys (NYSE: CVG), revenue fell and the business outsourcing services company lowered its full year outlook.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 719.
