The markets opened lower as investors digested the latest report on falling home prices. The Dow lost 42 points to 12,721 while Nasdaq fell 18 points to 2387.
On the upside
Shares of Skechers USA (NYSE: SKX) surged after the shoe company posted higher profits due to strong international sales. Analysts promptly upgraded the stock.F5 Networks (Nasdaq: FFIV) posted results that met forecasts while reiterating its outlook. The company sells software to run computer networks.
ITT Educations Services (NYSE: ESI) reported sharply higher earnings that beat estimates due to strong student enrollment.
On the downside
Shares of Amazon (Nasdaq: AMZN) lost ground after the online retailer warned about shrinking margins.
Starbucks (Nasdaq: SBUX) warned of shrinking profits due to a decline in coffee consumption due to the weak economy.
3M Co (NYSE: MMM) which makes Scotch tape and Post-It notes posted lower 1st quarter profits.
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 dropped 7 points to 700.
