European Debt Concerns Weigh Down Markets

Despite a drop in first time applications for unemployment benefits, the markets opened lower with the Dow falling 78 points to 12,340 over continued concerns about the European debt crisis. Nasdaq slipped 2 points to 2646.

On the upside

Seagate Technology (Nasdaq: STX) lifted its second quarter revenue guidance and forecast third quarter results above analyst expectations.

Dendreon (Nasdaq: DNDN) reported preliminary fourth quarter sales of its prostate cancer treatment Provenge that were better than analyst expectations.

Credit Suisse analyst Kulbinder Garcha upgraded Nokia (NYSE: NOK) to an Outperform rating.

On the downside

Barnes & Noble (NYSE: BKS) lowered its full year outlook and said that it is exploring options for its Nook e-book reader business including the possibility of spinning off the unit.

American Eagle Outfitters (NYSE: AEO) cited more aggressive promotions for lowering its fourth quarter earnings guidance.

Tesoro (NYSE: TSO) warned of losses for the fourth quarter due to lower margins.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 737.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here