Markets Close Mixed As Investors Digest Earnings
It was a mixed close for the markets with the Dow rising 49 points to 11,871 as investors digested corporate earnings news. Nasdaq fell 14 points to 2689.
On the upside
SunTrust Banks (NYSE: STI) reversed year ago losses to post a better than expected profit for the fourth quarter.
Tempur-Pedic (NYSE: TPX) reported higher fourth quarter earnings that topped estimates as sales climbed.
Online Resources (Nasdaq: ORCC) received several unsolicited acquisition offers.
On the downside
Emulex (NYSE: ELX) disappointed by swinging to a loss for the second quarter.
Wipro (NYSE: WIT) reported higher third quarter earnings but two leaders of the company's information technology unit resigned because the results were below the profit growth of competitors.Second quarter earnings more than doubled to top estimates for Applied Industrial Technologies (NYSE: AIT) and the compay lifted its 2011 full year guidance again but the stock price dropped.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by a margin of 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 773.
