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Lower Open As Bond Yields In Spain Soar

Soaring bond yields in Spain weighed the markets down to a lower open with the Dow losing 34 points to 11,871. Nasdaq fell 13 points to 2626.

On the upside

Shares of Pacific Ethanol (Nasdaq: PEIX) continued climbing after retiring in full its $35 million senior notes yesterday.

Bargain hunters lifted shares of Rambus (Nasdaq: RMBS), whose stock price plunged yesterday after the company lost an anti-trust lawsuit against Micron Technology (Nasdaq: MU).

LinkedIn (NYSE: LNKD) priced its offering of 8.75 million common shares at $71 per share.

On the downside

Second quarter earnings slipped for NetApp (Nasdaq: NTAP) and the company forecast current quarter results below expectations.

Youku (NYSE: YOKU) disappointed with a wider than expected loss for the third quarter and forecast fourth quarter revenue that fell short of analyst expectations.

Deutsche Bank downgraded Western Refining (NYSE: WNR) to a Hold rating.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 8 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 to 727.

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