Disappointing Treasury Auction Weighs Down Markets

Investors traded the markets lower with the Dow losing 26 points to 9070 in reaction to a disappointing Treasury auction and sharply lower durable goods orders. Nasdaq fell 7 points to 1967.

On the upside

Kulicke & Soffa Industries (Nasdaq: KLIC) widened third quarter losses but the results topped estimates.

American Axle (NYSE: AXL) continues negotiations with lenders to modify its revolving credit line.

Although second quarter earnings fell for Lazard (NYSE: LAZ) as revenue dropped, the results beat expectations.

On the downside

Frontier Financial (Nasdaq: FTBK) swung to a second quarter loss as loan loss provisions surged.

BorgWarner (NYSE: BWA) blamed restructuring charges for posting a loss for the second quarter.

Second quarter earnings for Sealed Air (NYSE: SEE) slipped as sales dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 548.