Concerns about billion dollar losses in the airline industry after volcanic ash grounded thousands of flights weighed down the markets during the midday with the Dow easing a fraction to 11,116. Nasdaq slipped 2 points to 2497.
On the upside
Dearborn Bancorp (Nasdaq: DEAR) swung to a profit as loan loss provisions tumbled.
Huntington Bancshares (Nasdaq: HBAN) reversed year ago losses to post a better than expected profit for the first quarter due to lower loan loss provisions.
Hovnanian Enterprises (NYSE: HOV) settled charges of violating the Clean Water Act by agreeing to pay a $1 million fine.
On the downside
Vitacost.com (Nasdaq: VITC) blamed lower than expected sales for cutting its outlook for the first quarter as well as the full year.
Canadian Solar (Nasdaq: CSIQ) warned of lower than expected margins for the first quarter.
AirTran Holdings (NYSE: AAI) blamed increased fuel expenses for swinging to a loss for the first quarter.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 5 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 723.
Airline Losses Weigh Down Markets
April 21, 2010 at 14:08 PM EDT