Chinese Economic Concerns Weigh Down Markets
Concerns that China may tame its soaring economy by raising interest rates weighed the markets down to a lower open with the Dow dropping 84 points to 11,198. Nasdaq tumbled 26 points to 2528.
On the upside
Third quarter earnings slipped for Nvidia (Nasdaq: NVDA) but the results topped analyst estimates and the company forecast fourth quarter revenue ahead of expectations.
Finisar (Nasdaq: FNSR) lifted its second quarter revenue guidance and expects third quarter revenue to beat expectations as well.
Walt Disney (NYSE: DIS) reported lower fourth quarter earnings but the company forecast improving trends in ad sales and theme park attendance.
On the downside
STR Holdings (NYSE: STRI) reported higher third quarter earnings but the stock price dropped.
Compass Diversified (NYSE: CODI) priced its offering of 4.3 million trust shares at $16.90 per share.
The Food and Drug Administration raised safety concerns about Human Genome Sciences' (Nasdaq: HGSI) lupus treatment Benlysta.
In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 724.
