Better Than Expected Earnings Lift Markets
Better than expected earnings lifted the markets modestly during the midday with the Dow rising 27 points to 10,390. Nasdaq gained 13 points to 2255.
On the upside
Motorola's (NYSE: MOT) and ExtenData's Direct Store Delivery solution was selected by Foster Farms Dairy to improve operations and increase delivery route productivity.
Monsanto (NYSE: MON) chairman, chief executive and president Hugh Grant purchased nearly $2 million worth of company stock while chief financial officer Carl M. Casale bought approximately $1.5 million in stock.
Expeditors International of Washington (Nasdaq: EXPD) issued a second quarter outlook well above analyst estimates.
On the downside
Ritchie Bros. Auctioneers (NYSE: RBA) will provide a second quarter update and a revised 2010 outlook in a conference call tomorrow, July 15.
Morgan Stanley analyst Katy Huberty downgraded Lexmark International (NYSE: LXK) to and Underweight rating citing increased competition.
A drop in home loan applications weighed down shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC).
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 641.
