Lower Close Over Disappointing Earnings
October 24, 2012 at 10:30 AM EDT
Despite a sharp gain in new home sales, the markets closed lower with the Dow losing 25 points to 13,077 over disappointing earnings. Nasdaq slipped 8 points to 2981.On the upsideNuVasive (Nasdaq: NUVA) reversed year ago losses to post a better than expected profit for the third quarter as revenue rose.Fortune Brands Home & Security (NYSE: FBHS) reported sharply higher third quarter earnings that surpassed analyst expectations and raised its earnings guidance for the year.Third quarter earnings dropped for Molina Healthcare (NYSE: MOH) but the results were better than expected.On the downsideThe Food and Drug Administration declined to approve United Therapeutics’ (Nasdaq: UTHR) new drug application for extended release tablets of its pulmonary arterial hypertension treatment treprostinil diethanolamine.Altera (Nasdaq: ALTR) reported lower third quarter earnings and warned of sequentially lower revenue in the fourth quarter.Brinker International (NYSE: EAT) reported higher first quarter earnings but the results fell short of analyst expectations.In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 813.
