Lower Open Over European Debt Concerns
Initial applications for unemployment benefits fell but the markets opened with the Dow falling 74 points to 11,272 over continued concerns about European debt. Nasdaq dropped 16 points to 2546.
On the upside
NetSol Technologies (Nasdaq: NTWK) reversed year ago losses to post a profit for the third quarter.
The New York Post reported that BJ's Wholesale Club (NYSE: BJ) may retain the services of an advisor to explore the possible sale of the company. Private equity firm Leonard Green & Partners was named as a possible suitor.
General Growth Properties (NYSE: GGP) will repay $570 million in cash to settle obligations.
On the downside
Smart Technologies (Nasdaq: SMT) blamed sharply higher income tax expenses for lower second quarter earnings.
Invesco (NYSE: IVZ) priced its secondary offering of approximately 30.8 million common shares at $21.48 per share.
UBS cited valuation concerns for downgrading Las Vegas Sands (NYSE: LVS).
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 722.
