The looming debt default and threat of a credit downgrade weighed the markets down to a sharply lower open with
the
Dow plunging 114 points to 12,387. Nasdaq plummeted 53 points to
2786.
On the upside
Las Vegas Sands (NYSE: LVS) reversed year ago losses to post a better than expected profit for the second quarter as revenue surged.
Second quarter earnings plunged for The Jones Group (NYSE: JNY) but the results surpassed analyst expectations by a wide margin.
Tempur-Pedic (NYSE: TPX) reported sharply higher second quarter earnings that beat analyst expectations as revenue climbed.
Juniper Networks (NYSE: JNPR) disappointed with lower second quarter earnings that fell short of analyst expectations and the company forecast current quarter results below estimates prompting downgrades.
Corning (NYSE: GLW) blamed a supply disruption caused by the March earthquake and tsunami in Japan for lower second quarter earnings and the company cut its glass production guidance for 2011.
Illumina (Nasdaq: ILMN) reported higher second quarter earnings that topped analyst estimates but the genetic analysis instrument maker forecast full year results below expectations.