Markets Open Lower As Trade Deficit Widens
The nation's trade deficit widened more than expected to weigh down the markets to a lower open with the Dow plunging 195 points to 10,448. Nasdaq plummeted 53 points to 2223.
On the upside
SunPower (Nasdaq: SPWRA) reported better than expected second quarter earnings prompting upgrades.
Fourth quarter earnings and revenue for CareFusion (NYSE: CFN) topped estimates and the company announced restructuring plans that will cut 700 jobs while saving over $100 million per year.
Although Jazz Pharmaceuticals (NYSE: JAZZ) swung to a loss for the second quarter due to a debt extinguishment charge, revenue rose and the company lifted its full year guidance.
On the downside
Fourth quarter earnings for Cree (Nasdaq: CREE) surged but the company forecast current quarter revenue below expectations.
A123 Systems (Nasdaq: AONE) widened second quarter losses more than expected.
Alpha and Omega Semiconductor (Nasdaq: AOSL) reported sharply higher fourth quarter earnings but an analyst downgraded the company citing increasing operating expenses.
In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by nearly 8 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 15 points to 631.
