On the upside
Rackspace Hosting (NYSE: RAX) reported higher revenues and profits to beat estimates. An analyst promptly upgraded the stock.
Shares of Avanir Pharmaceuticals (Nasdaq: AVNR) surged after the company reached late study goals for its drug to treat emotional outbursts.
RELM Wireless Corporation (NYSE: RWC) posted higher revenues and earnings followed by news of a product purchase by the Department of Defense.
On the downside
CIT Group (NYSE: CIT) delayed its quarterly filing as the lender launched a $1 billion note offering in order to avoid bankruptcy.
Force Protection (Nasdaq: FRPT) pre-announced lower revenues, but managed to avoid a loss. Investors remained concerned about the pipeline for armored vehicle sales.
E.W. Scripps (NYSE: SSP) reported a sharp drop in revenues and a slim profit. Investors took profits after the stock had more than doubled in price in the past week.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 564.
