Stocks Opened Mixed on Corporate Earnings News

October 23, 2009 7:00 AM |
Blue chips languished while tech stocks rose on the heels of better-than-expected earnings reports from Amazon.com and Microsoft.  The Dow lost 9 points to 10,071 while Nasdaq added 8 points to 2174.

On the upside

Microsoft (Nasdaq: MSFT) posted lower revenues and profits, but the results beat expectations.   Investors were also looking forward to potential sales from its Windows 7 operating system launched yesterday.

Amazon.com (Nasdaq: AMZN) announced sharply higher profits and offered an upbeat forecast for the upcoming holiday shopping season.

Whirlpool (NYSE: WHR) posted lower sales and earnings, but the world's largest home appliance maker offered an improved outlook for the 4th quarter.

On the downside

Software maker CA (NYSE: CA) reported higher 2nd quarter profits, but lowered its full-year revenue targets.

Synovus Financial (NYSE: SNV) posted a sizable loss and did not expect to return to profitability until late 2010.

Avid Technology (Nasdaq: AVID) announced a surprise 3rd quarter profit due to cost-cutting, but the digital video software company also began investigating a possible revenue recognition error.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 611.

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This page contains a single entry by published on October 23, 2009 7:00 AM.

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