Disappointing Earnings Weighs Down Markets

October 16, 2009 10:20 AM |
Disappointing earnings weighed down the markets during the midday with the Dow tumbling 61 points to 10,001. Nasdaq lost 10 points to 2162.

On the upside 

Shares of China Real Estate (Nasdaq: CRIC) surged on its first day of trading.

Estee Lauder (NYSE: EL) expects first quarter earnings to be much higher than originally anticipated.

Third quarter earnings for Cytec Industries (NYSE: CYT) topped estimates prompting the specialty chemicals maker to boost its full year guidance.

On the downside

Palomar Medical Technologies (Nasdaq: PMTI) and Johnson & Johnson (NYSE: JNJ) terminated their agreement to develop, test and market an over-the-counter wrinkle treatment for home use.

Sensient Technologies (NYSE: SHAW) reported lower third quarter earnings and cut its full year outlook.

While third quarter earnings for Valmont (NYSE: VMI) surpassed analyst expectations, the company forecast lower sales in the fourth quarter.

In the broad market, declining issues edged out advancers by a margin of more than 2 to 1 on the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 617.

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This page contains a single entry by published on October 16, 2009 10:20 AM.

Markets Open Lower Over Bank Of America Losses was the previous entry in this blog.

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