Mid-Day Report
The markets traded mixed during the midday despite retreating oil prices as the nation's economic growth disappointed. The Dow tumbled 95 points to 11,489 while Nasdaq rose 16 points to 2345.
On the upside
Sharply higher revenue lifted second quarter earnings for LKQ (Nasdaq: LKQX) to beat expectations prompting the used auto parts supplier to raise its full year outlook.
International Paper (NYSE: IP) reported higher second quarter earnings that beat expectations due to strong international sales. The company also announced plans to sell subsurface mineral rights for approximately $263 million to Chesapeake Energy (NYSE: CHK).
While second quarter earnings fell for Cablevision Systems (NYSE: CVC), the results surpassed expectations.
On the upside
Sharply higher revenue lifted second quarter earnings for LKQ (Nasdaq: LKQX) to beat expectations prompting the used auto parts supplier to raise its full year outlook.
International Paper (NYSE: IP) reported higher second quarter earnings that beat expectations due to strong international sales. The company also announced plans to sell subsurface mineral rights for approximately $263 million to Chesapeake Energy (NYSE: CHK).
While second quarter earnings fell for Cablevision Systems (NYSE: CVC), the results surpassed expectations.
On the downside
Although Bare Escentuals (Nasdaq: BARE) posted higher second quarter income that beat expectations, analysts downgraded the cosmetics company when its lowered its full year outlook.
Consol Energy (NYSE: CNX) blamed higher expenses for sharply lower second quarter earnings that fell short of estimates.
A drop in newspaper advertising weighed down second quarter earnings for Valassis Communications (NYSE: VCI) to fall far short of estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE, and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 3 points to 716.
