Despite Upbeat Sales, Markets Extend Losses At Midday
Upbeat sales during the beginning of the holiday shopping season over Thanksgiving weekend failed to alleviate European debt concerns sending the markets down during the midday with the Dow plummeting 131 points to 10,960. Nasdaq tumbled 25 points to 2509.
On the upside
Shares of Krispy Kreme Doughnuts (NYSE: KKD) rose ahead of its earnings release on Wednesday.
Amtech Systems (Nasdaq: ASYS) received approximately $68 million in new solar orders in November for its diffusion processing systems.
Beacon Roofing Supply (Nasdaq: BECN) reported lower fourth quarter earnings but the company explained that storm business was exceptionally strong in the previous year.
On the downside
BSD Medical (Nasdaq: BSDM) received approximately $2.4 million worth of orders for its hyperthermia systems but warned that the company is not sure when the sales will be reported in fiscal 2011.
Stifel Nicolaus analyst Jordan Rohan downgraded eBay (Nasdaq: EBAY) citing competition from online merchants offering free shipping.
Bloomberg reported that Apple (Nasdaq: AAPL) will argue its patent infringement case against Nokia (NYSE: NOK) this week before the International Trade Commission.
In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 724.
