Markets Retreat As Foreclosure Starts Soar
The markets pulled back from early morning gains with the Dow adding 4 points to 8190 as soaring foreclose starts along with Chrysler's bankruptcy weighed on investors. Nasdaq gained 15 points to 1727.
Second quarter earnings for Green Mountain Coffee Roasters (Nasdaq: GMCR) more than doubled prompting the company to lift its full year guidance. The coffee company also announced a deal to distribute single cup brewers to over 3,000 Wal-Mart stores.
Newell Rubbermaid (NYSE: NWL) posted sharply lower first quarter earnings as sales fell but the results beat expectations.
Quantum (NYSE: QTM) narrowed fourth quarter losses but revenue dropped.
Motorola (NYSE: MOT) widened fourth quarter losses as sales fell and reported that its cash position tumbled approximately $1 billion during the past three months.
On the upside
Bare Escentuals (Nasdaq: BARE) reported lower first quarter earnings as consumers spent less but the results topped estimates.Second quarter earnings for Green Mountain Coffee Roasters (Nasdaq: GMCR) more than doubled prompting the company to lift its full year guidance. The coffee company also announced a deal to distribute single cup brewers to over 3,000 Wal-Mart stores.
Newell Rubbermaid (NYSE: NWL) posted sharply lower first quarter earnings as sales fell but the results beat expectations.
On the downside
Quantum (NYSE: QTM) narrowed fourth quarter losses but revenue dropped.
Motorola (NYSE: MOT) widened fourth quarter losses as sales fell and reported that its cash position tumbled approximately $1 billion during the past three months.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 493.
