Despite an unexpected gain in consumer confidence, the markets traded lower during the midday with the Dow falling 48 points to 8395 as investors digested the announcement of two more government bailout programs that will cost taxpayers $800 billion. Nasdaq tumbed 25 points to 1447.
On the upside
Nuance Communications (Nasdaq: NUAN) reported sharply higher fourth quarter earnings that surpassed analyst estimates as revenue surged.UAL (Nasdaq: UAUA), parent company of United Airlines, announced that mainline passenger-unit revenue is expected to increase 2% to 4% in the fourth quarter.
UBS upgraded Lennar (NYSE: LEN) citing the significant drop in the home builder's stock price since summer.
On the downside
Although third quarter earnings for SKillSoft (Nasdaq: SKIL) rose as expenses dropped, the e-learning services provider lowered its full year revenue guidance.
Friedman Billings downgraded Staples (Nasdaq: SPLS).
Hewlett-Packard (NYSE: HPQ) disappointed with lower fourth quarter earnings despite higher revenue.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE while decliners edged out advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 434.
