Mixed Markets Over Mixed Earnings
The markets traded mixed during the midday with the Dow rising 54 points to 11,877 over mixed earnings news. Nasdaq slipped 4 points to 2699.
On the upside
Fourth quarter earnings for Polycom (Nasdaq: PLCM) leaped to top analyst estimates.
Intuitive Surgical (Nasdaq: ISRG) reported sharply higher fourth quarter earnings that surpassed expectations as revenue climbed.
Pep Boys-Manny, Moe & Jack (NYSE: PBY) retained the services of Bank of America to explore strategic options including the possible sale of the company.
On the downside
Advanced Micro Devices (NYSE: AMD) disappointed with lower fourth quarter income.
First Horizon National (NYSE: FHN) narrowed losses for the fourth quarter but the results still fell short of expectations.Second quarter earnings rose for Synaptics (Nasdaq: SYNA) touchpad sales fell prompting a downgrade.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 775.
