Lower Open As Few Details Emerge From Greece Rescue Plan

Investors sent the markets down to a lower open with the Dow losing 18 points to 10,019 as few details emerged on the rescue plan for Greece. Nasdaq slipped 4 points to 2143.


On the upside

JA Solar Holdings (Nasdaq: JASO) swung to a greater than expected profit for the fourth quarter as revenue surged and lifted its shipment outlook for the full year.

While Activision (Nasdaq: ATVI) widened fourth quarter losses, the results topped estimates due to strong sales of its "Call Of Duty: Modern Warfare 2" game. The company also announced a new annual dividend of 15 cents per share and a plan to repurchase up to $1 billion worth of stock.

FirstEnergy (NYSE: FE) will acquire Allegheny Energy (NYSE: AYE) in an all stock deal valued at approximately $4.7 billion to create a new company with over 6 million customers and $16 million in revenue each year.

On the downside

Alcatel-Lucent (NYSE: ALU) posted a modest profit for the fourth quarter but revenue fell and the telecommunications company tempered expectations for its turnaround plan.

Boston Scientific (NYSE: BSX) reported a loss for the fourth quarter and announced restructuring plans that include the elimination of up to 1,300 jobs.

Masco (NYSE: MAS) narrowed fourth quarter losses but revenue fell. 

In the broad market, advancing issues edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by a margin of nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 594.

About this Entry

This page contains a single entry by published on February 11, 2010 6:47 AM.

Possible Rate Hike Sends Markets Down To Lower Close was the previous entry in this blog.

Unexpected Drop In Jobless Claims Lifts Markets is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12