Mixed Close As Earnings Temper Greek Default Fears
The markets closed mixed with the Dow losing 33 points to 12,675 as upbeat earnings tempered fears of a Greek default. Nasdaq added 2 points to 2786.
On the upside
Synovus Financial (NYSE: SNV) reversed year ago losses to post a profit for the fourth quarter as loan loss provisions dropped.
Waters (NYSE: WAT) reported higher fourth quarter earnings that topped analyst estimates as revenue rose.
Lee Enterprises (NYSE: LEE) will exit Chapter 11 bankruptcy on January 30.
On the downside
TCF Financial (NYSE: TCB) blamed lower banking fees for a sharp drop in fourth quarter earnings.
The threat of a possible default by Greece weighed down shares of National Bank of Greece (NYSE: NBG).
STMicroelectronics (NYSE: STM) swung to a loss for the fourth quarter as revenue dropped to fall short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 788.
