Mid-Day Report
Rising oil prices and disappointing earnings news sent the markets down sharply during the midday with the Dow skidding 190 points to 11,180. Nasdaq plummeted 34 points to 2276.
On the upside
Beauty care products company Alberto-Culver (NYSE: ACV) reported third quarter earnings that surpassed estimates as revenue climbed.
VeriFone Holdings (NYSE: PAY) announced that it will restate financial reports on August 19 from the first three quarters of fiscal 2007 along with reports for full year 2007 and the first two quarters of fiscal 2008.
BMO Capital Markets upgraded Forest Oil (NYSE: FST).
Irish air liner Ryanair Holdings (Nasdaq: RYAAY) warned of a possible loss for the fiscal year, it's first ever, due to falling airfares.
Russian Prime Minister Vladimir Putin accused coal and steel producer Mechel (NYSE: MTL) of evading taxes by selling its products abroad through foreign subsidiaries.
On the upside
Beauty care products company Alberto-Culver (NYSE: ACV) reported third quarter earnings that surpassed estimates as revenue climbed.
VeriFone Holdings (NYSE: PAY) announced that it will restate financial reports on August 19 from the first three quarters of fiscal 2007 along with reports for full year 2007 and the first two quarters of fiscal 2008.
BMO Capital Markets upgraded Forest Oil (NYSE: FST).
On the downside
The Food and Drug Administration rejected Vanda Pharmaceuticals' (Nasdaq: VNDA) schizophrenia drug iloperidone and recommended that the biopharmaceutical conduct further studies.Irish air liner Ryanair Holdings (Nasdaq: RYAAY) warned of a possible loss for the fiscal year, it's first ever, due to falling airfares.
Russian Prime Minister Vladimir Putin accused coal and steel producer Mechel (NYSE: MTL) of evading taxes by selling its products abroad through foreign subsidiaries.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 11 points to 700.
