Earnings Warnings Sink Stocks
A series of earnings warnings weighed the markets down to a lower close with the Dow tumbling 83 points to 12,653. Nasdaq dropped 29 points to 2902.
On the upside
Origin Agritech (Nasdaq: SEED) announced that the commercialization of two corn hybrids is awaiting approval from the Chinese government.
Rumors that AerCap (NYSE: AER) may sell itself lifted shares of the integrated aviation company.
Professional staffing firm Kforce (Nasdaq: KFRC) partnered with Monster Worldwide (NYSE: MWW) to deploy Monster's Power Resume Search technology.
On the downside
Citron Research alleged that Questcor Pharmaceuticals (Nasdaq: QCOR) marketed its multiple sclerosis treatment Acthar in questionable ways.
Beazer Homes (NYSE: BZH) will offer $75 million worth of common shares and 3 million equity units.
Cummins (NYSE: CMI) lowered its full year revenue outlook.
In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 795.
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