Markets Sharply Higher Over Upbeat Earnings

July 30, 2009 10:09 AM |
Upbeat earnings news lifted the markets sharply higher during the midday with the Dow leaping 158 points to 9229. Nasdaq jumped 27 points to 1995.

On the upside

Although Goodyear Tire & Rubber (NYSE: GT) swung to a loss for the second quarter, the results were better than expected.

Hartford Financial Services Group (NYSE: HIG) swung to a second quarter loss due to investment losses and a drop in premiums but the results were not as bad as analysts expected.

Second quarter earnings plunged for Wynn Resorts (Nasdaq: WYNN) but the results beat expectations.

On the downside

Akamai Technologies (Nasdaq: AKAM) blamed pricing pressure for second quarter earnings that fell short of expectations. The company also forecast third quarter revenue below estimates prompting downgrades.

Level 3 Communications (Nasdaq: LVLT) widened second quarter losses as sales dropped to fall short of estimates.

Omnicare (NYSE: OCR) reported lower second quarter earnings and trimmed its full year outlook.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 558.

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This page contains a single entry by published on July 30, 2009 10:09 AM.

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