Stocks Open Mixed As Investors Eye Earnings

July 16, 2009 7:00 AM |
Investors took a breather from yesterday's rally to digest the latest batch of corporate earnings news.  The Dow slipped 13 points to 8602 while Nasdaq held steady at 1861.

On the upside

Memory chip maker STEC (Nasdaq: STEC) boosted its sales forecast.  Investors immediately snapped up the stock.

Universal Forest Products (Nasdaq: UFPI) posted lower revenues and higher profits due to aggressive cost-cutting measures.

East West Bancorp (Nasdaq: EWBC) reported a loss due to one-time charges while highlighting a decline in delinquent loans.

On the downside

JP Morgan Chase (NYSE: JPM) announced solid profits for the latest quarter, but warned of a weak consumer credit portfolio.

Investors all but gave up hope on the federal government giving CIT Group (NYSE: CIT) a lifeline to avoid bankruptcy.

Nokia (NYSE: NOK) posted a shar drop in earnings due to falling sales and tough competition from Apple (Nasdaq: AAPL) and Research in Motion (Nasdaq: RIMM).

In the broad market, advancing issues edged out decliners by a narrow margin on the NYSE, but were outpaced by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 514.

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This page contains a single entry by published on July 16, 2009 7:00 AM.

Better Than Expected Earnings Send Markets Soaring was the previous entry in this blog.

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