Sluggish GDP Weighs Down Markets

Sluggish expansion of the nation's gross domestic product weighed down the markets during the midday with the Dow dropping 47 points to 10,420. Nasdaq slipped 5 points to 2246.

On the upside

Trident Microsystems (Nasdaq: TRID) reported a narrower than expected loss for the second quarter.

American Axle & Manufacturing (NYSE: AXL) swung to a better than expected second quarter profit as revenue more than doubled.

Macatawa Bank (Nasdaq: MCBC) reversed year ago losses to post its first profit in seven quarters as loan loss provisions plunged.

On the downside

BioScrip (Nasdaq: BIOS) reported lower second quarter earnings that fell short of estimates and warned of weak full year revenue.

Genworth Financial (NYSE: GNW) swung to a second quarter profit but the results missed expectations and warned of slowing sales in the second half of the year.

While Louisiana-Pacific (NYSE: LPX) reversed year ago losses to post a profit for the second quarter, the results fell short of analyst estimates.

In the broad market, declining barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 650.