Markets Lower At Midday Over Earnings
Concerns about disappointing corporate earnings weighed the markets down during the midday with the Dow slipping 6 points to 12,730. Nasdaq lost 14 points to 2916.
On the upside
A Seeking Alpha contributor suggested that Sunshine Heart (Nasdaq: SSH) may record its first sale in the second half of the year.
BioMimetic Therapeutics (Nasdaq: BMTI) submitted an amended Pre-Market Approval application to the Food and Drug Administration for its Augment Bone Graft.
MagicJack VocalTec (Nasdaq: CALL) cited strong sales for boosting its full year guidance.
On the downside
Advanced Micro Devices (NYSE: AMD) blamed disappointing international sales for cutting its revenue guidance for the second quarter.
Quantum (NYSE: QTM) warned that first quarter results would fall short of its previous guidance.
Shares of Alpha Natural Resources (NYSE: ANR), Arch Coal (NYSE: ACI) and James River Coal (Nasdaq: JRCC) extended their losses after Patriot Coal (NYSE: PCX) filed for Chapter 11 bankruptcy protection yesterday.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 802.
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