Lower Close Over Earnings Warnings
Earnings warnings among technology stocks weighed the markets down to a lower close with the Dow losing 31 points to 12,573. Nasdaq fell 21 points to 2866.
On the upside
MKM Partners expects MBIA (NYSE: MBI) to settle its lawsuit with Bank of America (NYSE: BAC) soon.
Constellation Brands (NYSE: STZ) Executive Vice President and Chief HR/Admin Officer W. Keith Wilson sold 246,795 shares of company stock but the stock price climbed.
Standard Pacific's (NYSE: SPF) credit default swaps have narrowed since the beginning of the year.
On the downside
Marriott International (NYSE: MAR) reported higher second quarter earnings but the hotel operator cut its 2012 fee revenue guidance.
Brazil may fine TIM Participacoes (NYSE: TSU) for service complaints.
Barclays Capital analyst Ben Reitzes downgraded Lexmark (NYSE: LXK) to an Underweight rating and cut his price target from $29 to $24.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 789.
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