Mixed Open As Investors Monitor Earnings
The markets opened mixed with the Dow rising 5 points to 12,741 while Nasdaq slipped 6 points to 2925 as concerns about corporate earnings tempered enthusiasm for the Eurozone bailout of Spanish banks.
On the upside
Intel (NYSE: INTC) will acquire a 15% stake in ASML Holding (Nasdaq: ASML) for approximately $3.07 billion and invest $1 billion to develop new technologies.
Southwest Airlines (Nasdaq: LUV) will add two direct flights to New York from Nashville and announced new low fare sales for flights nationwide.
Wolverwine Worldwide (NYSE: WWW) reported lower second quarter earnings that fell short of expectations but the shoemaker affirmed its full year forecast.
On the downside
Applied Materials (NYSE: AMD) blamed falling demand for cutting its full year revenue guidance and warning that earnings will fall short of expectations.
Mako Surgical (Nasdaq: MAKO) cut its full year revenue guidance due to lower than expected sales of its RIO surgical robot system.
Mattson Techology (Nasdaq: MTSN) lowered its second quarter sales and earnings outlook.
In the broad market, advancing issues outpaced decliners by a margin of 3 to 2 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 806.
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