Disappointing Earnings Weigh Down Markets
The markets traded lower during the midday with the Dow dropping 62 points to 10,092 over disappointing earnings. Nasdaq fell 15 points to 2182.
On the upside
MGIC Investment (NYSE: MTG) swung to a profit for the second quarter due to fewer defaults and delinquencies.
Cliffs Natural Resources (NYSE: CLF) increased its stake in Spider Resources from 52.1% to approximately 81.8%.
Concho Resources (NYSE: CXO) will pay approximately $1.65 billion to acquire privately held Marbob Energy.
On the downside
Second quarter earnings for Texas Instruments (NYSE: TXN) nearly tripled but revenue fell short as Nokia orders declined.
Several firms rumored to be interested in acquiring Radio Shack (NYSE: RSH) have reportedly withdrawn from discussions.
While Marshall & Ilsley (NYSE: MI) narrowed second quarter losses, the results still fell short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 609.
