Disappointing Earnings Weigh Down Markets
Disappointing earnings weighed the markets down during the midday with the Dow dropping 51 points to 11,929. Nasdaq fell 11 points to 2706.
On the upside
Cavico (Nasdaq: CAVO) won a contract to construct a tunnel for the Song Giang 1 hydropower plant in Vietnam valued at approximately $7.75 million.
Glu Mobile (Nasdaq: GLUU) launched its popular Gun Bros social mobile game on Facebook, Wild Tangent and hi5.
Brinker International (NYSE: EAT) reported second quarter earnings that more than doubled to top analyst estimates as expenses fell.
On the downside
Concerns that generic drug maker Teva Pharmaceuticals (Nasdaq: TEVA) may receive regulatory approval for a generic version of Momenta Pharmaceuticals' (Nasdaq: MNTA) blood thinner Lovenox weighed down shares of the biotechnology company.
Shares of Assured Guaranty (NYSE: AGO) and MBIA (NYSE: MBI) continued to drop over worries that Standard & Poor's may downgrade the bond insurer after establishing new ratings criteria.The bankruptcy filing of Korea Line sent shares of Eagle Bulk Shipping (Nasdaq: EGLE) tumbling over concerns that Eagle Bulk could lose up to $700 million in revenue if Korea Line breaches its charter arrangements with Eagle Bulk.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points 776.
