The markets opened lower as tensions with Russia stoked higher oil prices while investors remained anxious about the financial services sector. The Dow lost 48 points to 11,368 while Nasdaq tumbled 18 points to 2370.
On the upside
Food maker H.J. Heinz (NYSE: HNZ) posted higher 1st quarter revenues and earnings that beat expectations. Global growth offset weakness in the U.S. food service business.
Apparel retail chain operator Limited Brands (NYSE: LTD) surprised analysts with 2nd quarter profits which beat expectations. The company controlled expenses and offered a breakeven outlook for the rest of the year.
Children's Place Retail Stores (Nasdaq: PLCE) eked out a small profit in the 2nd quarter as revenues rose. Analysts had expected continued losses.
On the downside
Shares
of Burger King (NYSE: BKC) fell after the nation's 2nd largest hamburger chain posted better than expected results. Analysts pointed out that the gains were partly due to one-time changes such as mandatory extended hours.
Barnes & Noble (NYSE: BKS) reported a small profit for the 2nd quarter blaming sluggish consumer spending for the shortfall.
Video game retailer GameStop (NYSE: GME) posted better than expected 2nd quarter results and raised its full-year outlook. No analysts responded with an upgrade of the stock which is trading near its 52-week lows.
In
the broad market, declining issues outpaced advancers by a margin
of nearly 2 to 1 on both the NYSE and Nasdaq. The Russell 2000
which tracks small cap stocks dropped 3 points to 728.
