Disappointing Earnings End Market Rally
Disappointing earnings ended the stock market rally in late afternoon trading with the Dow dropping 82 points to 7886. Nasdaq added 2 points to 1646.
Infinera (Nasdaq: INFN) swung to a wider than expected loss for the first quarter as revenue tumbled.
JPMorgan analyst Jamie Baker downgraded Continental Airlines (NYSE: CAL) after the company reported a first quarter loss.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 470.
On the upside
SanDisk (NYSE: SNDK) swung to a loss for the first quarter as revenue tumbled but the results topped analyst estimates.
Las Vegas Sands (NYSE: LVS) amended its debt agreements.
Although first quarter earnings for RC2 (Nasdaq: RCRC) slipped, the results surpassed analyst expectations.
On the downside
Infinera (Nasdaq: INFN) swung to a wider than expected loss for the first quarter as revenue tumbled.
JPMorgan analyst Jamie Baker downgraded Continental Airlines (NYSE: CAL) after the company reported a first quarter loss.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 470.
