On the upside
Mortgage finance company Freddie Mac (NYSE: FRE) announced a surprise profit in the 2nd quarter and a net loss after making dividend payments to the federal government. The stock promptly surged.
Union workers at trucking company YRC Worldwide (Nasdaq: YRCW) agreed to a paycut and other concessions in exchange for options to own up to 20% of the business.
Dish Network (Nasdaq: DISH) posted lower profits, but revenues stayed level while the number of subscribers for its pay TV services rose.
On the downside
Microsoft (Nasdaq: MSFT) sold its digital advertising unit Razorfish to French advertising company Publicis Groupe SA for $530 million in cash and stock along with a preferred advertising relationship.
Vanda Pharmaceuticals (Nasdaq: VNDA) posted a 2nd quarter loss that was greater than expected.
TRW Automotive Holdings (NYSE: TRW) announced a public offering of 14 million shares.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 569.
