Rising Oil Prices Weigh Down Markets

August 10, 2009 10:54 AM |
Rising crude oil prices weighed down the markets during the midday with the Dow falling 67 points to 9302. Nasdaq dropped 17 points to 1982.

On the upside

Duke Energy selected Echelon (Nasdaq: ELON) to provide networking services in a deal that could potentially be worth $150 million.

A German newspaper reported that SAP may be exploring the possibility of acquiring Tibco Software (Nasdaq: TIBX).

Priceline.com (Nasdaq: PCLN) reported higher second quarter earnings and revenue that topped estimates as leisure travel increased.

On the downside

Triad Guaranty (Nasdaq: TGIC) widened second quarter losses by a wide margin.

General Steel Holdings (Nasdaq: GSI) widened second quarter losses even as revenue rose.

The Sunday Times reported that Lloyds (NYSE: LYG) may issue shares as a means to avoid utilizing the British government's asset protection plan.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 568.

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