Sliding Euro Weighs Down Stocks

The markets turned negative during the midday with the Dow losing 34 points to 10,590 as the euro continued to slide. Nasdaq fell 21 points to 2332.

On the upside

Spreadtrum Communications (Nasdaq: SPRD) reversed year ago losses to post a first quarter profit as revenue surged.

Citi Investment Research analyst Josh Levin upgraded Beazer Homes (NYSE: BZH) to a Buy rating saying that recent drops in the stock price made it a value.

Hedge fund Paulson & Co. purchased 4 million shares of Boyd Gaming (NYSE: BYD).

On the downside

Agilent Technologies (NYSE: A) swung to a profit for the second quarter and lifted its full year guidance but the stock price fell.

First quarter earnings more than doubled for Dick's Sporting Goods (NYSE: DKS) but the retailer forecast disappointing second quarter results.

RBC Capital Markets downgraded Whiting USA (NYSE: WHX) to an underperform rating.

In the broad market, declining issues outpaced advancers by a margin of 10 to 9 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 692.