Closing Bell Report
An unexpected gain in durable goods orders along with a rebound in consumer sentiment lifted the markets to a modestly higher close with the Dow adding 21 points to 11,371. Nasdaq surged 30 points to 2311.
On the upside
UCBH Holdings (Nasdaq: UCBH) reported sharply lower second quarter earnings due to higher loan loss provisions but interest income rose prompting an upgrade.
Second quarter earnings for VisionChina Media (Nasdaq: VISN) climbed as revenue soared.
Horizon Lines (NYSE: HRZ) blamed record fuel expenses for lower second quarter earnings and for slashing its full year outlook but the results surpassed estimates.
Analysts downgraded Regions Financial (NYSE: RF) after the bank reported sharply lower second quarter earnings that fell short of estimates and set aside $309 million in loan loss provisions.
Wachovia (NYSE: WB) announced the departure of chief financial officer Thomas J. Wurtz after the bank reported a larger than expected second quarter loss.
On the upside
UCBH Holdings (Nasdaq: UCBH) reported sharply lower second quarter earnings due to higher loan loss provisions but interest income rose prompting an upgrade.
Second quarter earnings for VisionChina Media (Nasdaq: VISN) climbed as revenue soared.
Horizon Lines (NYSE: HRZ) blamed record fuel expenses for lower second quarter earnings and for slashing its full year outlook but the results surpassed estimates.
On the downside
Interactive Brokers Group (Nasdaq: IBKR) reported higher second quarter earnings but the results fell short of estimates.Analysts downgraded Regions Financial (NYSE: RF) after the bank reported sharply lower second quarter earnings that fell short of estimates and set aside $309 million in loan loss provisions.
Wachovia (NYSE: WB) announced the departure of chief financial officer Thomas J. Wurtz after the bank reported a larger than expected second quarter loss.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 710.
