Weak retail sales figures along with jobless benefits recipients climbing to a 26-year high weighed down the markets during the midday with the Dow tumbling 84 points to 8508. Nasdaq fell 13 points to 1480.
On the upside
ParkerVision (Nasdaq: PRKR) and LG Innotek entered a joint development agreement to create multi-mode, multi-band handset modules.YRC Worldwide (Nasdaq: YRCW) chief executive Bill Zollars reassured investors that proposed wage cuts between $225 million to $250 million and other cost cutting measures to save another $200 million will be enough to keep the company afloat.
Although Smithfield Foods (NYSE: SFD) reported sharply lower second quarter earnings that fell short of estimates, the pork producer said that its liquidity was strong, pork volumes rose and is expected to continue rising as consumers seek less expensive meat.
On the downside
Cirrus Logic (Nasdaq: CRUS) warned that third quarter revenue will fall as clients reduce their orders.
While Diamond Foods (Nasdaq: DMND) reported higher first quarter results that topped estimates, the nuts and snack company forecast second quarter earnings below expectations.
Advanced Micro Devices (NYSE: AMD) warned of lower fourth quarter revenue due to weak demand.
