New Home Sales Drop, Markets Down

October 28, 2009 10:10 AM |
An unexpected drop in new home sales weighed down the markets during the midday with the Dow falling 43 points to 9838. Nasdaq tumbled 36 points to 2080.

On the upside

Panera Bread (Nasdaq: PNRA) reported higher third quarter earnings that topped analyst estimates.

Quantum (NYSE: QTM) reversed year ago losses to post a profit for the second quarter even as revenue slipped.

First quarter earnings for Harris (NYSE: HRS) surpassed analyst expectations.

On the downside

Although third quarter earnings for Psychiatric Solutions (Nasdaq: PSYS) rose, the results fell short of expectations.

Illumina (Nasdaq: ILMN) reversed year ago losses to post a profit but the results fell short of estimates and the genetic analysis instrument maker forecast disappointing fourth quarter income.

The Securities and Exchange Commission initiated an informal probe of Apollo Group's (NYSE: APOL) accounting practices.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 572.

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This page contains a single entry by published on October 28, 2009 10:10 AM.

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