Fed Lifts Discount Rate, Markets Open Lower
On the upside
Second quarter earnings rose to top estimates for Intuit (Nasdaq: INTU) due to strong sales and the tax preparation software company lifted its outlook for the year.
Aruba Networks (Nasdaq: ARUN) narrowed second quarter losses more than expected as revenue climbed.
The Wall Street Journal reported that oil services firm Schlumberger (NYSE: SLB) is engaged in advanced negotiations to purchase rival Smith International (NYSE: SII).
On the downside
Dell (Nasdaq: DELL) disappointed with lower fourth quarter earnings that fell far short of analyst expectations.
EnergySolutions (NYSE: ES) chief executive Steve Creamer resigned and will be replaced by president Val John Christensen.
Canadian Solar (Nasdaq: CSIQ) blamed higher costs, a drop in prices and faulty equipment for lowering margins for the fourth quarter.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 626.