The markets traded lower during the midday with the Dow falling 62 points to 13,143 ahead of the release of minutes from the Federal Reserve meeting last month. Nasdaq slipped 2 points to 3065.
On the upside
Second quarter earnings fell for Qihoo 360 (NYSE: QIHU) but the results topped estimates and the company forecast current quarter revenue ahead of expectations.
American Eagle Outfitters (NYSE: AEO) reported lower second quarter earnings but revenue rose and the company lifted its full year guidance.
JMP Securities initiated coverage of social gaming developer Zynga (Nasdaq: ZNGA) with a Market Outperform rating.
On the downside
A Seeking Alpha contributor wrote that Peregrine Pharmaceuticals (Nasdaq: PPHM) was overvalued. RBC Capital Markets downgraded Clearwire (Nasdaq: CLWR) to an Underperform rating.
T-Mobile introduced an unlimited data plan to compete with MetroPCS (NYSE: PCS), which announced a $55 unlimited plan yesterday.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 810.
Markets Fall Ahead Of Fed Minutes
August 22, 2012 at 14:46 PM EDT
