The markets traded lower during the midday with the Dow falling 60 points to 10,450 as mortgage applications tumbled to the lowest volume in thirteen years. Nasdaq lost 12 points to 2304.
On the upside
ChipMOS Technologies (Nasdaq: IMOS) reversed year ago losses to post a profit for the first quarter as revenue surged.
BJ's Wholesale Club (NYSE: BJ) reported higher first quarter income that topped analyst estimates and raised its outlook for the full year.
Caris & Co. upgraded DreamWorks (Nasdaq: DWA) to a Buy rating.
Shares of Visa (NYSE: V) recovered after falling for two days over concerns that new fee regulations will hurt revenue.
On the downside
Denny's (Nasdaq: DENN) shareholders will decide whether to oust chief executive Nelson Marchioli, board chair Debra Smithart-Oglesby and former chair Robert Marks or maintain the current board.
The Wall Street Journal reported that Apple's (Nasdaq: AAPL) iPhone took 72% of the smartphone market in Japan but the stock price fell.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 676.
