Opening Bell Report
The markets opened lower as personal incomes fell in July while oil prices rose. The Dow lost 65 points to 11,649. Dell's weak results weighed down tech stocks and Nasdaq, which tumbled 29 points to 2382.
On the upside
Esterline Technologies (NYSE: ESL) posted earnings that beat estimates. Analysts promptly upgraded the aerospace defense company.
Petsmart (Nasdaq: PETM) reported 2nd quarter results that surpassed expectations and reaffirmed its outlook for the year.
Puerto Rican bank Popular (Nasdaq: BPOP) sold its U.S. mortgages and
servicing assets to affiliates of Goldman Sachs Group (NYSE: GS) for $700 million to take a $450 million loss.
On the downside
Dell (Nasdaq: DELL) posted lower profits that missed expectations. Analysts promptly downgraded the computer maker.
Microsoft (Nasdaq: MSFT) offered $486 million in cash to buy Greenfield Online, a Munich, Germany-based Web comparison shopping site.
Airline stocks retreated as oil prices rose. Shares of UAL (Nasdaq: UAUA) and AMR Corp. (NYSE: AMR) drifted lower.In the broad market, declining issues outpaced advancers by a margin
of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000
which tracks small cap stocks lost 6 points to 741.
