Lower Close As Durable Goods Orders Unexpectedly Drop
An unexpected drop in durable goods orders sent the markets down to a lower close with the Dow losing 39 points to 10,497. Nasdaq dropped 23 points to 2264.
On the upside
Basic Energy Services (NYSE: BAS) narrowed second quarter losses as revenue climbed.
Las Vegas Sands (NYSE: LVS) narrowed second quarter losses more than expected on sharply higher revenue.
FuelCell Energy (Nasdaq: FCEL) announced net proceeds of approximately $4.2 million from the sale of 3.6 million common shares.
On the downside
East West Bancorp (Nasdaq: EWBC) reversed year ago losses to post a better than expected profit for the second quarter but the company warned of greater than expected expenses in the current quarter.
Allos Therapeutics (Nasdaq: ALTH) widened losses for the second quarter as expenses soared.
Second quarter earnings for International Game Technology (NYSE: IGT) rose but the company forecast full year results below analyst estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 650.
