The markets traded lower during the midday with the Dow dropping 62 points to 10,092 over disappointing earnings. Nasdaq fell 15 points to 2182.
On the upside
MGIC Investment (NYSE: MTG) swung to a profit for the second quarter due to fewer defaults and delinquencies.
Cliffs Natural Resources (NYSE: CLF) increased its stake in Spider Resources from 52.1% to approximately 81.8%.
Concho Resources (NYSE: CXO) will pay approximately $1.65 billion to acquire privately held Marbob Energy.
On the downside
Second quarter earnings for Texas Instruments (NYSE: TXN) nearly tripled but revenue fell short as Nokia orders declined.
Several firms rumored to be interested in acquiring Radio Shack (NYSE: RSH) have reportedly withdrawn from discussions.
While Marshall & Ilsley (NYSE: MI) narrowed second quarter losses, the results still fell short of analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 609.
