Markets Flat As Investors Await Earnings
The markets traded near the flatline during the midday with the Dow adding 5 points to 10,203 as investors nervously anticipate corporate earnings. Nasdaq edged up a fraction to 2196.
On the upside
Weyerhaeuser (NYSE: WY) announced a special dividend of approximately $5.6 billion to be paid on September 1 to shareholders of record July 22.
A Barron's article over the weekend spotlighted Nidec (NYSE: NJ) as an attractive long term investment.
China MediaExpress Holdings (Nasdaq: CCME) lifted its full year earnings guidance.
On the downside
Citigroup initiated coverage of Suntech Power (NYSE: STP) with a Sell rating.
Data on Vivus' (Nasdaq: VVUS) obesity treatment Qnexa will be presented today at the 11th International Congress on Obesity in Stockholm, Sweden. Also, the Food and Drug Administration should release its review of Qnexa today.
ThinkEquity upgraded STEC (NYSE: STEC) to a Buy rating but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by a margin of nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 621.
