On the upside
Abercrombie & Fitch (NYSE: ANF) posted a 2nd quarter loss and a sharp decline in revenues. However, analysts were impressed with its cost-cutting efforts.
Shares of Regions Financial (NYSE: RF) rose after hedge fund manager John Paulson reported a $35 million purchase of the stock.
Shares in Allied Irish Banks (NYSE: AIB) climbed after an unidentified Canadian bank offered to buy a stake in the company.
On the downside
JC Penney (NYSE: JCP) posted a small 2nd quarter loss that beat estimates as revenues and same-store sales fell versus year-ago levels.
Jinpan International (Nasdaq: JST) posted flat revenues and higher profits, but acknowledged demand challenges for its cast resin transformer business.
An analyst downgraded Genworth (NYSE: GNW) whose shares had rebounded more than ten-fold since hitting a record low price.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 574.
