Markets Close Lower Over Disappointing Drop In Building Permits

October 20, 2009 1:39 PM |
Despite better than expected earnings news, the markets closed lower with the Dow losing 50 points to 10,041 after a disappointing drop in home building permits report. Nasdaq fell 12 points to 2163.

On the upside 

While The Bank of New York Mellon (NYSE: BK) swung to a significant loss for the third quarter, the results were better than expected.

At the Value Investing Congress, Pershing Square's Bill Ackman said that Corrections Corp. (NYSE: CXW) is a top real estate business.

Third quarter earnings for Illinois Tool Works (NYSE: ITW) plunged but the results topped estimates and the industrial equipment maker forecast a profit for the fourth quarter.

On the downside

Yongye International (Nasdaq: YONG) completed its restructuring plan.

Pixelworks (Nasdaq: PXLW) swung to a third quarter loss as revenue dropped.

Ultralife (Nasdaq: ULBI) announced that it received an order valued at approximately $20 million for its SATCOM-On-The-Move system.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 613.

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