European Debt Concerns Weigh Down Markets
Despite a drop in first time applications for unemployment benefits, the markets opened lower with the Dow falling 78 points to 12,340 over continued concerns about the European debt crisis. Nasdaq slipped 2 points to 2646.
On the upside
Seagate Technology (Nasdaq: STX) lifted its second quarter revenue guidance and forecast third quarter results above analyst expectations.
Dendreon (Nasdaq: DNDN) reported preliminary fourth quarter sales of its prostate cancer treatment Provenge that were better than analyst expectations.
Credit Suisse analyst Kulbinder Garcha upgraded Nokia (NYSE: NOK) to an Outperform rating.
On the downside
Barnes & Noble (NYSE: BKS) lowered its full year outlook and said that it is exploring options for its Nook e-book reader business including the possibility of spinning off the unit.
American Eagle Outfitters (NYSE: AEO) cited more aggressive promotions for lowering its fourth quarter earnings guidance.
Tesoro (NYSE: TSO) warned of losses for the fourth quarter due to lower margins.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 737.
