Earnings Concerns Weigh Down Markets

July 10, 2009 10:33 AM |
Earnings concerns weighed down the markets during the midday with the Dow dropping 60 points to 8123. Nasdaq slipped a point to 1751.

On the upside

A-Power Energy (Nasdaq: APWR) will build a $1.5 billion offshore liquefied natural gas complex for Macau Natural Gas.

Barclays Capital upgraded Dana Holding (NYSE: DAN).

American International Group (NYSE: AIG) is scheduled to pay $2.4 million in bonuses delayed from 2008 and is seeking government approval of the payments in order to avoid outcry from the public.

On the downside

Susquehanna Bancshares (Nasdaq: SUSQ) warned that second quarter results will fall short of expectations due to higher loan loss provisions.

Reports that a Russian company agreed to provide Indian clients with potash at nearly one third less than the going rate sent shares of Potash of Saskatchewan (NYSE: POT) tumbling.

PriceSmart (Nasdaq: PSMT) disappointed with lower third quarter earnings that fell short of estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 478.

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