G-20 Denies Financial Aid To Europe, Markets Fall
The Group of 20 wealthiest nations refused to provide financial assistance to Europe sending the markets down to a lower close with the Dow falling 61 points to 11,983. Nasdaq dropped 11 points to 2686.
On the upside
Ultra Petroleum (NYSE: UPL) reported lower third quarter earnings but the results beat analyst expectations.
Plains Exploration & Production (NYSE: PXP) swung to a loss for the third quarter but the results were better than expected and the company sold some assets in Texas for approximately $785 million.
MedAssets (Nasdaq: MDAS) slipped to a third quarter loss but the results topped estimates and the hospital software firm forecast full year results ahead of expectations.
On the downside
A Seeking Alpha contributor warned that Renren (Nasdaq: RENN) unit Nuomi may disappoint with a wider loss.
Fluor (NYSE: FLR) reversed year ago losses to post a profit for the third quarter but the results fell short of expectations and the engineering and construction company forecast full year results below estimates.
Live Nation Entertainment (NYSE: LYV) disappointed with lower third quarter earnings as revenue fell.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 746.
