On the upside
Higher revenue lifted fourth quarter earnings for LED maker Cree (Nasdaq: CREE) to beat expectations. The company forecast first quarter results ahead of estimates.
Shares of Kinross Gold (NYSE: KGC) rose despite reporting sharply lower second quarter profit as expenses surged. The price of gold jumped from year ago levels.
Dahlman Rose upgraded CONSOL Energy (NYSE: CNX).
On the downside
Liz Claiborne (NYSE: LIZ) swung to a second quarter loss as sales dropped prompting the company to cut its full year guidance.
Stifel Nicolaus downgraded Synovus Financial (NYSE: SNV) citing valuation concerns.
Although Energy Recovery (Nasdaq: ERII) swung to a profit for the second quarter, the company forecast disappointing third quarter results.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 740.
