On the upside
Excel Maritime Carriers (NYSE: EXM) impressed with second quarter earnings that surged to beat expectations as freight rates increased. The dry bulk carrier doubled its quarterly dividend to 40 cents per share payable on September 15 to shareholders of record September 1.
Shares of potash producers Mosaic (NYSE: MOS) and Intrepid Potash (NYSE: IPI) surged after Dutch rival K+S reported earnings that leaped five times as demand soared.
Banc of America Securities upgraded Stone Energy (NYSE: SGY) after the company reported higher second quarter earnings that topped estimates.
On the downside
Ferro (NYSE: FOE) announced plans to sell $150 million in notes.
Crude oil prices surged $2.99 to settle at $116 per barrel sending shares of airline stocks AMR (NYSE: AMR) Continental (NYSE: CAL), and Northwest (NYSE: NWA) tumbling.
WellCare Health Plans (NYSE: WCG) warned of lower earnings and possible losses as expenses rise and membership demographics change.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE while advancers edged out decliners by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 748.
