Greek Measures May Fall Short, Markets Close Flat
Posted on February 09, 2012 at 17:12 PM EST
Greek officials agreed on austerity measures but Germany questioned whether the conditions were stringent enough for Greece to receive a second round of bailout funds. The markets closed flat with the Dow adding 6 points to 12,890. Nasdaq rose 11 points to 2927.
On the upside
Teradata (NYSE: TDC) reported higher fourth quarter earnings that topped analyst estimates as revenue climbed.
Deutsche Bank analyst Vishal Shah wrote of increasing solar demand lifting shares of JinkoSolar (NYSE: JKS), LDK Solar (NYSE: LDK), Renesola (NYSE: SOL), Suntech Power (NYSE: STP) and Trina Solar (NYSE: TSL).
Fourth quarter earnings climbed for Covanta (NYSE: CVA) to beat expectations as revenue rose.
On the downside
Analysts downgraded A123 Systems (Nasdaq: AONE) after the battery maker's largest customer, Fisker Automotive, stopped construction on a factory in Delaware.
ING Groep (NYSE: ING) reported higher fourth quarter earnings due to asset sales but results for its banking division plunged and the company still must repay euro3 billion in bailout funds.
Fourth quarter earnings plummeted for General Cable (NYSE: BGC) to fall short of analyst expectations as margins shrank.
In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 824.
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