On the upside
TXCO Resources (Nasdaq: TXCO) reversed year ago losses to report a second quarter profit as revenue surged and announced that its test of a shale gas well was successful.
Higher prices and upbeat sales lifted second quarter earnings for OM Group (NYSE: OMG) to surpass expectations.
Second quarter earnings for Avis Budget Group (NYSE: CAR) tumbled but the results beat expectations.
On the downside
Although UTStarcom (Nasdaq: UTSI) narrowed second quarter losses, analyst downgraded the telecommunications equipment maker.
PMI Group (NYSE: PMI) swung to a loss for the second quarter due to increased payouts on defaults and higher loss reserves.
King Pharmaceuticals (NYSE: KG) reported sharply lower second quarter earnings that fell short of expectations due to increased competition from generic drugs.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 713.
