Lower Close Over Disappointing Earnings
It was a lower close for the markets with the Dow slipping 12 points to 11,825 over disappointing earnings. Nasdaq tumbled 40 points to 2725.
On the upside
Athersys (Nasdaq: ATHX) reported improvements in rodents using the company's MultiStem program for spinal cord injury.
Oppenheimer initiated coverage of Bitauto Holdings (NYSE: BITA) with an Outperform rating.
Oracle (Nasdaq: ORCL) may sell the Sun Microsystems campus in Menlo Park for approximately $100 million.
On the downside
Craig-Hallum Capital Group raised concerns that LodgeNet Interactive's (Nasdaq: LNET) earnings may be negatively impacted by a client's decision to restrict assess to mature content.
Magnum Hunter Resources (Nasdaq: MHR) will acquire NuLoch Resourses in an all stock deal valued at approximately $327 million.Fourth quarter earnings dropped for Hudson City Bancorp (NYSE: HCBK) due to low mortgage interest rates and the company warned that low interest rates will continue to impact earnings.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 786.
