Lower Open As Earnings Disappoint
The markets opened lower with the Dow slipping 2 points to 12,068 while Nasdaq lost 13 points to 2687 over disappointing earnings.
On the upside
Bargain hunters lifted shares of Talbots (NYSE: TLB), whose stock price plunged yesterday after the women's apparel retailer warned of a weak second quarter.
Paladin Labs acquired the exclusive commercialization rights to Somaxon Pharmaceuticals' (Nasdaq: SOMX) insomnia treatment Silenor in Canada, South America and Africa.
FiberTower (Nasdaq: FTWR) shareholders authorized yesterday a class of 10 million shares of preferred stock.
On the downside
Ciena (Nasdaq: CIEN) disappointed with a wider than expected loss for the second quarter and forecast current quarter revenue below analyst estimates.
QuinStreet (Nasdaq: QNST) forecast 2011 and 2012 revenue below analyst expectations prompting a downgrade.
Goldman Sachs cited slowing sales growth for lowering its earnings outlook for Office Depot (NYSE: ODP) through 2013.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 793.
