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Financial News

Flat Open As Home Prices Drop

The markets opened flat with the Dow edging up a fraction to 12,654 as home prices dropped and consumer confidence slipped. Nasdaq added 4 points to 2816.

On the upside

ARM Holdings (Nasdaq: ARMH) reported higher fourth quarter earnings as sales climbed to beat expectations.

U. S. Steel (NYSE: X) narrowed fourth quarter losses as revenue rose to surpass estimates.

Fourth quarter earnings rose for Mattel (Nasdaq: MAT) to top analyst expectations prompting the toymaker to raise its dividend.

On the downside

RadioShack (NYSE: RSH) warned of sharply lower fourth quarter earnings that will fall far short of analyst expectations and suspended its stock repurchase program.

Second quarter earnings plunged for Archer Daniels Midland (NYSE: ADM) to miss expectations by a wide margin due to a significant impairment charge.

Lexmark International (NYSE: LXK) reported lower fourth quarter earnings and revenue.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq.

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