Markets Flat Over Mixed Earnings

July 22, 2009 9:56 AM |
The markets traded near the flatline during the midday over mixed earnings news.  The Dow slipped 5 points to 8910 while Nasdaq gained 10 points to 1926.

On the upside

Starbucks (Nasdaq: SBUX) swung to a better than expected third quarter profit as the company closed stores and cut costs.

Second quarter earnings for Gentex (Nasdaq: GNTX) plunged as revenue tumbled but the results topped estimates.

KeyCorp (NYSE: KEY) narrowed second quarter losses.

On the downside

Pharmaceutical Product Development (Nasdaq: PPDI) reported lower second quarter earnings and revenue due to high contract cancellations.

Genzyme (Nasdaq: GENZ) reported sharply higher second quarter income but cited production problems at a Boston manufacturing site for slashing its full year forecast.

Allegheny Technologies (NYSE: ATI) swung to a loss for the second quarter as revenue dropped to fall below expectations.

In the broad market, advanicng issues outpaced decliners by a margin of 5 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 530.

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This page contains a single entry by published on July 22, 2009 9:56 AM.

Stocks Open Lower on Latest Earnings Report was the previous entry in this blog.

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