Drop In Permits Weighs Down Markets

October 20, 2009 10:39 AM |
A sharp drop in home building permits fueled fears of continued weakness in the economy to send the markets lower during the midday with the Dow tumbling 84 points to 10,008. Nasdaq dropped 19 points to 2156.

On the upside 

The U. S. Federal Communications Commission approved Telestone Technologies' (Nasdaq: TSTC) Wireless Fiber Distribution System.

While third quarter earnings fell for Werner Enterprises (Nasdaq: WERN), the results surpassed analyst estimates.

Regions Financial (NYSE: RF) swung to a loss for the third quarter but the regional bank reported a 29% increase in new accounts opened in the quarter.

On the downside

Conn's (Nasdaq: CONN) warned of possible losses for the third quarter and withdrew its guidance.

Third quarter earnings for Volterra Semiconductor (Nasdaq: VLTR) fell short of expectations.

Great Atlantic & Pacific Tea (NYSE: GAP) widened second quarter losses and announced the immediate resignation of chief executive Eric Claus.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 612.

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This page contains a single entry by published on October 20, 2009 10:39 AM.

Stocks Open Lower on Mixed Economic Data was the previous entry in this blog.

Markets Close Lower Over Disappointing Drop In Building Permits is the next entry in this blog.

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