Markets Flat Amidst Mixed Earnings
The markets traded near the flatline during the midday with the Dow adding 4 points to 10,234 amidst mixed corporate earnings. Nasdaq slipped 2 points to 2219.
On the upside
Cytec Industries (NYSE: CYT) reversed year ago losses to post a better than expected second quarter profit that beat expectations and raised its full year outlook.
Cost cutting measures lifted United Rentals (NYSE: URI) to an unexpected second quarter profit.
Complete Production Services (NYSE: CPX) swung to a second quarter profit that surpassed analyst expectations.
On the downside
Comtech Telecommunications (Nasdaq: CMTL) failed to land a contract with the Army to manage the Force XXI Battle Command Brigade and Below, Blue Force Tracking 2 program.
Harrah's Operating Co. will not renew its agreement with Global Cash Access Holding (NYSE: GCA). Global Cash scheduled a conference call today at 2pm ET to discuss the contract loss.
Although Sallie Mae (NYSE: SLM) swung to a profit for the second quarter, the student lender announced that it must increase its reserves for possible increases in private-credit portfolio losses.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 623.
