Lower Open As Few Details Emerge From Greece Rescue Plan

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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.

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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.

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