Cautious Outlooks Weigh On Investors

October 23, 2009 10:22 AM |
Despite a surge in home sales, the markets dropped during the midday with the Dow tumbling 70 points to 10,011 as cautious outlooks continue to weigh on investors. Nasdaq eased a point to 2163.

On the upside

Bucyrus International (Nasdaq: BUCY) reported sharply higher third quarter earnings that beat expectations by a wide margin.

Third quarter earnings for Capital One Financial (NYSE: COF) rose to surpass analyst estimates.

Compuware (Nasdaq: CPWR) reported higher second quarter earnings that topped estimates despite a drop in revenue.

On the downside

Third quarter earnings for Sunpower (Nasdaq: SPWRA) plunged prompting the solar power products maker to trim its full year guidance.

European regulators will review the multiple sclerosis drug Tysabri made by Elan (NYSE: ELN)  and Biogen (Nasdaq: BIIB) after 23 reported cases of the brain infection progressive multifocal leukoencephalopathy.

MEMC Electronic Materials (NYSE: WFR) blamed plunging sales for swinging to a third quarter loss.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 604.

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This page contains a single entry by published on October 23, 2009 10:22 AM.

Stocks Opened Mixed on Corporate Earnings News was the previous entry in this blog.

Markets Tumble As Gasoline Prices Rise is the next entry in this blog.

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