Markets Mixed At Midday As Investors Monitor European Developments
The markets traded mixed during the midday with the Dow slipping 20 points to 10,713 while Nasdaq gained 15 points to 2471 as investors continued to monitor the precarious financial situation in Europe.
On the upside
American Superconductor (Nasdaq: AMSC) reported a wider than expected loss for the first quarter but the company announced that it signed $100 million in new contracts since April 1, 2011.
The Finish Line (Nasdaq: FINL) reported higher second quarter earnings that topped analyst estimates as revenue rose.
Direct Energy will pay $270 million in cash to acquire PNM Resources' (NYSE: PNM) First Choice Power unit in Texas.
On the downside
The Superior Court of Pennsylvania said that ownership of oil and gas resources beneath the surface of land is not clear in current laws sending shares of Range Resources (NYSE: RRC), which has leased 1.2 million acres of land in Pennsylvania, tumbling.
Tidewater (NYSE: TDW) blamed vessel delays for warning that second quarter revenue will fall short of expectations.
Falling silver prices weighed down shares of Endeavour Silver (NYSE: EXK).
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 649.
