The markets recovered in late afternoon trading with the Dow climbing 75 points to 10,229 as investors await further earnings reports. Nasdaq gained 24 points to 2222.
On the upside
UBS analyst Timna Tanners upgraded Schnitzer Steel (Nasdaq: SCHN) to a Buy rating citing higher scrap prices.
Cowen & Co. analyst Laura Champine upgraded J. Crew (NYSE: JCG) to an Outperform rating citing the company's attractive stock price.
Second quarter earnings for Packaging Corp. of America (NYSE: PKG) tumbled but the results topped analyst estimates.
On the downside
Honda announced plans to sell electric vehicles and plug-in hybrids beginning in 2010 sending shares of Tesla tumbling (Nasdaq: TSLA).
LaBranche & Co. (NYSE: LAB) disappointed by swinging to a loss for the second quarter.
Second quarter earnings for Metals USA (NYSE: MUSA) plunged to fall far short of analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 11 points to 624.
