On the upside
J.C. Penney (NYSE: JCP) posted lower 2nd quarter revenues and earnings, but the results for the department store operator was better than expected due to cost-cutting efforts and fewer new stores.
Shares of Ambac Financial Group (NYSE: ABK) surged after ratings agency Standard & Poor's removed the bond insurer from a negative credit watch.
George Soros' hedge fund took a sizable stake in Lehman Brothers (NYSE: LEH) by purchasing shares in the open market.
On the downside
Shares of Harman International Industries (NYSE: HAR) tumbled after the audio and electronics manufacturer reported a sharp drop in 4th quarter earnings. Analysts promptly downgraded the stock.
DeVry (NYSE: DV) posted higher profits due to increased enrollment at the for-profit education company, but the results missed expectations.
Real estate developer China Housing & Land Development (Nasdaq: CHLN) announced higher revenues and a drop in 2nd quarter earnings due to higher interest expense from convertible debt.
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by a slim margin on Nasdaq. The
Russell 2000 which tracks small cap stocks lost a fraction to 754.
