Italy, Spain, Belgium, Slovenia Downgraded, Markets Mixed

The markets traded mixed during the midday with the Dow falling 73 points to 12,661 after Fitch downgraded the credit ratings for Italy, Spain, Belgium and Slovenia. Nasdaq rose 6 points to 2811.

On the upside

Emulex (NYSE: ELX) reversed year ago losses to post a better than expected profit for the second quarter and forecast third quarter results that topped analyst estimates. 

Shares of United Continental (NYSE: UAL) continued rising after reporting a narrower than expected loss for the fourth quarter yesterday.

Newell Rubbermaid (NYSE: NWL) reported higher fourth quarter earning that topped expectations.

On the downside

Inergy (NYSE: NRGY) will evaluate its operating business in light of a challenging market conditions prompting downgrades.  

Shares of Nokia (NYSE: NOK) continued falling after reporting a fourth quarter loss yesterday. 

Third quarter earnings dropped for Cirrus Logic (Nasdaq: CRUS).

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 797.