Mid-Day Report

The markets slipped into negative territory during the midday over rising energy prices and higher jobless claims. The Dow lost 8 points to 13,223 while Nasdaq dropped 9 points to 2635.

On the upside

Local.com (Nasdaq: LOCM) signed five contracts to license its geography based web search technology.

Fuqi International (Nasdaq: FUQI) reported third quarter earnings that nearly tripled as revenue surged.

Craig Hallum Capital analyst George Sutton upgraded Sothesby (NYSE: BID) saying that demand for art remained strong.

On the downside

Piper Jaffray downgraded Sierra Wireless (Nasdaq: SWIR).

NovaStar Financial (NYSE: NFI) reported losses of nearly $600 million for the third quarter, warned that it may file for bankruptcy and said that the company may be delisted from the New York Stock Exchange.

Superior Offshore International (Nasdaq: DEEP) reported lower third quarter earnings.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 774.

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