On the upside
Health insurer WellCare Health Plans (NYSE: WCG) posted higher 2nd quarter revenues and earnings that topped estimates while boosting its outlook for 2009.
Syntel (Nasdaq: SYNT) reported flat revenues and better profit margins. The company provides information systems applications.
On the downside
Microsoft (Nasdaq: MSFT) struck an online search management deal with Yahoo (Nasdaq: YHOO). Shares of Yahoo fell as investors ruled out the possibility of an outright acquisition.
Sprint Nextel (NYSE: S) posted a wider than expected loss as revenues and its subscriber base continued to shrink.
ConocoPhillips (NYSE: COP) posted a smaller 2nd profit with results that surpassed expectations as oil production increased. However, investors focused on lower oil prices and losses from the company's refinery business.
Shares of General Dynamics (NYSE: GD) lost after the defense contractor reported slightly lower earnings that beat estimates.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 545.
