Stocks Open Lower on Latest Earnings Report

July 22, 2009 6:50 AM |
Banks delivered better than expected results in the 2nd quarter, but investors worried about continued credit losses and their impact on consumer spending.  The Dow lost 25 points to 8890 while Nasdaq slipped a point to 1916.

On the upside

Boeing (NYSE: BA) posted slightly higher revenues and 2nd quarter profits versus year-ago results which were weighed down by one-time charges.

Pfizer (NYSE: PFE) reported lower revenues and 2nd quarter profits due to a strong dollar reducing overseas results.

Onyx Pharmaceuticals (Nasdaq: ONXX) reported positive results for its drug candidate that treats patients with advanced breast cancer.

On the downside

Shares of Wells Fargo (NYSE: WFC) fell after the banking giant posted higher profits, but potential real estate losses nagged investors.

Morgan Stanley (NYSE: MS) reported a loss despite strong trading volume and fixed income sales.

Shares of Advanced Micro Devices (NYSE: AMD) lost ground after the chip maker posted a narrowing loss that missed expectations.

In the broad market, declining issues outpaced advancers by a margin of 5 to 4 on the NYSE, but were narrowly edged out on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 523.

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This page contains a single entry by published on July 22, 2009 6:50 AM.

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