Disappointing Data Weighs Down Markets

Disappointing economic data weighed the markets down to a lower close with the Dow losing 38 points to 10,636. Nasdaq fell 11 points to 2283.

On the upside

UBS initiated coverage of McDermott International (NYSE: MDR) with a Buy rating.

Petrohawk Energy (NYSE: HK) reversed year ago losses to post a second quarter profit and announced an offering of $825 million in senior notes.

Second quarter earnings more than doubled for The Corporate Executive Board (Nasdaq: EXBD) to beat expectations and the company raised its full year guidance.

On the downside

Second quarter earnings for Kopin (Nasdaq: KOPN) dropped despite a gain in revenue as margins slipped.

TNS (NYSE: TNS) disappointed with earnings that fell short of estimates and lowered its full year outlook.

Vulcan Materials (NYSE: VMC) blamed lawsuit settlements and higher construction expenses for swinging to a loss for the second quarter.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 655.