GDP Grows Less Than Expected, Markets Open Lower
A smaller than expected growth of the nation's economy during the first quarter weighed down the markets to a lower open with the Dow slipping 32 points to 11,134. Nasdaq lost 12 points to 2498.
On the upside
First quarter earnings for Coinstar (Nasdaq: CSTR) tripled to beat expectations by a wide margin as revenue surged prompting the company to lift its full year outlook.
Skyworks Solutions (Nasdaq: SWKS) swung to a second quarter profit that topped estimates and forecast third quarter results ahead of expectations.
D. R. Horton (NYSE: DHI) reversed year ago losses to post an unexpected profit for the second quarter.
On the downside
AthenaHealth (Nasdaq: ATHN) disappointed with lower first quarter earnings that fell short of expectations as expenses climbed.
QLogic (Nasdaq: QLGC) blamed a special tax charge for swinging to a fourth quarter loss.
Although first quarter revenue more than doubled for MEMC Electronic Materials (NYSE: WFR), the company disappointed with a loss.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 737.
On the upside
First quarter earnings for Coinstar (Nasdaq: CSTR) tripled to beat expectations by a wide margin as revenue surged prompting the company to lift its full year outlook.
Skyworks Solutions (Nasdaq: SWKS) swung to a second quarter profit that topped estimates and forecast third quarter results ahead of expectations.
D. R. Horton (NYSE: DHI) reversed year ago losses to post an unexpected profit for the second quarter.
On the downside
AthenaHealth (Nasdaq: ATHN) disappointed with lower first quarter earnings that fell short of expectations as expenses climbed.
QLogic (Nasdaq: QLGC) blamed a special tax charge for swinging to a fourth quarter loss.
Although first quarter revenue more than doubled for MEMC Electronic Materials (NYSE: WFR), the company disappointed with a loss.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 7 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 737.
