Markets Open Lower Over Weak Earnings

July 28, 2009 6:45 AM |
The markets opened lower as weak corporate earnings weighed on investors. The Dow lost 17 points to 9091 while Nasdaq fell 3 points to 1964.

On the upside

IBM (NYSE: IBM) will pay approximately $1.2 billion to acquire SPSS (Nasdaq: SPSS) .

While Tenet Healthcare (NYSE: THC) warned of a second quarter loss, the hospital operator lifted its full year forecast. 

KKR Financial Holdings (NYSE: KFN) expects to post a profit for the second quarter.

On the downside

The Department of Energy denied USEC's (NYSE: USU) application for a $2 billion loan guarantee.

Office Depot (NYSE: ODP) widened second quarter losses by a larger than expected amount as sales plunged amidst the slumping economy.

Second quarter earnings for Interpublic Group (NYSE: IPG) plummeted due to the global recession.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE while advancers edged out decliners by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 550.

Tags:

Search


About this Entry

This page contains a single entry by published on July 28, 2009 6:45 AM.

Late Afternoon Rally Lifts Markets To Modestly Higher Close was the previous entry in this blog.

Surprising Drop In Confidence Weighs On Markets is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12