Concerns About Europe's Fiscal Health Sink Markets

Concerns about European fiscal health sank the markets during the midday with the Dow skidding 215 points to 10,055. Nasdaq plunged 52 points to 2138.


On the upside

Second quarter earnings leaped for Open Text (Nasdaq: OTEX) to beat expectations as revenue grew and the company cut costs.

Joe's Jeans (Nasdaq: JOEZ) reported sharply higher fourth quarter earnings that topped estimates as sales surged.

Unisys (NYSE: UIS) reversed year ago losses to post a better than expected profit for the fourth quarter. The company announced the sale of its check and cash automation unit. Also, the company won a three year contract valued at approximately $32 million.

On the downside

While fourth quarter earnings edged up for Double-Take Software (Nasdaq: DBTK), revenue dropped to fall short of estimates and the company forecast disappointing first quarter as well as full year results.

SummerStreet Research Partners analyst Carol Werther downgraded AMAG Pharmaceuticals (Nasdaq: AMAG) citing possible severe allergic reactions in kidney disease patients to the company's iron replacement drug Feraheme.

While United Rentals (NYSE: URI) narrowed fourth quarter losses, the results missed estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by a margin of nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 594.

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This page contains a single entry by published on February 4, 2010 10:12 AM.

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