Markets Mixed Over European Debt Concerns
The markets traded mixed during the midday with the Dow slipping 16 points to 10,722 as European debt concerns tempered news that home sales rose in August. Nasdaq rose 8 points to 2343.
On the upside
The Food and Drug Administration accepted Bionovo's (Nasdaq: BNVID) manufacturing plan for its menopausal hot flash treatment Menerba.
As an Official Office Products Partner of NASCAR, Office Depot (NYSE: ODP) announced the two finalists in its "Official Small Business of NASCAR, Courtesy of Office Depot" sweepstakes on the air and will announce the winner on ESPN this weekend.
Steelcase (NYSE: SCS) posted a second quarter profit that surpassed analyst estimates as revenue rose.
On the downside
Copart (Nasdaq: CPRT) disappointed with fourth quarter earnings that fell short of expectations.
Shares of Allied Irish Banks (NYSE: AIB) and The Governor and Company of The Bank of Ireland (NYSE: IRE) fell as the cost of insuring Irish debt surged again.
UBS analyst Nikos Theodosospoulos dismissed rumors that Brocade (Nasdaq: BRCD) would be acquiredc.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE while advancers edged out decliners by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 657.
