Double Dip Recession Concerns Weigh Down Stocks
The markets drifted into negative territory during the midday with the Dow losing 21 points to 10,038 amidst concerns of a double dip recession. Nasdaq slipped 6 points to 2135.
On the upside
RI.ME. Masterbatch will supply the European market with Cereplast's (Nasdaq: CERP) bioplast resins.
Jo-Ann Stores (NYSE: JAS) reversed year ago losses to post a better than expected profit for the second quarter and lifted its full year outlook.
Teradata (Nasdaq: TDC) may consider rehiring former Hewlett-Packard chief executive Mark Hurd, who had worked for Teradata's data warehousing unit.
On the downside
While second quarter earnings for Rue21 (Nasdaq: RUE) rose, the specialty apparel retailer forecast current quarter and full year results that fell short of expectations.
A-Power Energy Generation System (Nasdaq: APWR) blamed project delays for second quarter earnings that missed estimates by a wide margin.
Second quarter earnings for Sigma Designs (Nasdaq: SIGM) tumbled due to an investment write-off.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE while deliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 605.
