Markets Lower Over Disappointing Earnings
Disappointing corporate earnings weighed down the markets during the midday with the Dow dropping 43 points to 10,335. Nasdaq lost 13 points to 2194.
On the upside
China Agritech (Nasdaq: CAGC) reported higher second quarter earnings that topped estimates as revenue soared.
GlobalOptions Group (Nasdaq: GLOI) will sell its Forensic DNA Solutions subsidiary to LSR Acquisition for approximately $30.5 million.
LDK Solar (NYSE: LDK) swung to a second quarter profit and forecast third quarter as well as full year results ahead of estimates.
On the downside
SmartHeat (Nasdaq: HEAT) reported higher second quarter earnings and revenue but margins fell.
Merriman Curhan Ford analyst Alex Kurtz downgraded NetApp (Nasdaq: NTAP).
Reuters reported that Vimpelcom (NYSE: VIP) entered discussions to acquire Italian mobile company Wind and the purchase a 51% stake in Egypt's Orascom Telecom.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 619.
