Earnings Mixed, Markets Flat
The markets traded flat during the midday with the Dow slipping 8 points to 11,155 over mixed earnings. Nasdaq rose 6 points to 2497.
On the upside
MIPS Technologies (Nasdaq: MIPS) reported sharply higher first quarter earnings that beat analyst expectations as revenue surged.
While Cemex (NYSE: CX) posted a loss for the third quarter, the company also revised its financing agreement allowing more time to repay its short-term debt.
Third quarter earnings soared for SuperGen (Nasdaq: SUPG) as revenue rose.
On the downside
Zoran (Nasdaq: ZRAN) narrowed third quarter losses but warned of significant fourth quarter losses prompting a downgrade.
Ariad Pharmaceuticals (Nasdaq: ARIA) will offer 16 million common shares at a discounted price.
Unisys (NYSE: UIS) disappointed with lower third quarter earnings that fell far short of analyst expectations as revenue dropped.
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 710.
