Stocks Lower As Earnings Disappoint
The markets traded lower during the midday with the Dow losing 13 points to 11,824 as earnings disappointed. Nasdaq dropped 31 points to 2734.
On the upside
MLV Capital upgraded Icagen (Nasdaq: ICGN) to a Buy rating.
Collins Stewart upgraded Comcast (Nasdaq: CMCSA) to a Buy rating.
An online survey by Business Pulse indicated that many readers planned to purchase the Verizon (NYSE: VZ) iPhone (Nasdaq: AAPL).
On the downside
Majesco Entertainment (NYSE: COOL) posted a fourth quarter loss as revenue slipped.
Shares of Depomed (Nasdaq: DEPO) continued falling after Abbott Laboratories (NYSE: ABT) said that it will not market Depomed's neuropathic pain treatment DM-1796.MGIC Investment (NYSE: MTG) disappointed with a much wider than expected loss for the fourth quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 14 points to 793.
