Stocks Open Mixed on Signs of Easing Recession
On the upside
Abaxis (Nasdaq: ABAX) posted higher revenues and earnings due to strong sales of a blood testing equipment.
Shares of Novatel Wireless (Nasdaq: NVTL) surged after the wireless modem maker posted a narrow 2nd quarter loss that beat expectations.
On the downside
The Washington Post (NYSE: WPO) reported a 2nd quarter profit as results from the company's education and cable services offset declines from its newspaper unit.
Chevron (NYSE: CVX) posted a steeper than expected decline in 2nd quarter profits. The 2nd largest U.S. oil company cited a drop in oil prices for a 51% decline in revenues.
Power company Constellation Energy Group (NYSE: CEG) posted lower revenues and earnings that beat expectations. Nonetheless, the stock fell along with other utilities.
AutoNation (NYSE: AN) reported a dip in profits and lower revenues as fewer consumers bought cars.
Analysts had a negative view of Las Vegas Sands (NYSE: LVS) due to a likely need for capital raises.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 4 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 555.
