The markets opened mixed as consumer sentiment fell to its lowest level in 25 years. The Dow edged up 2 points to 12,851 while Nasdaq dropped 15 points to 2413.
On the upside
Shares of Goodyear Tire & Rubber (NYSE: GT) surged after the company reported revenues and profits that beat expectations. The world's 3rd largest tire company saw international sales offsetting weakness in the U.S. market.Profits at American Express (NYSE: AXP) were weighed down by late consumer payments, but analysts expect the financial services company to ride out the U.S. economic downturn through its diverse global operations.
Analysts raised their opinion on Sohu.com (NYSE: SOHU) on hopes that the Beijing Olympics will boost the Chinese Internet portal business.
On the downside
Shares of Microsoft (Nasdaq: MSFT) edged lower after the company posted results that met expectations, but analysts worried about slowing Office software sales. Meanwhile, the software giant is expected to mount a proxy fight in order to acquire Internet portal Yahoo (Nasdaq: YHOO).
Shares of Ford (NYSE: F) fell in heavy trading after the automaker reported better than expected results, but some analysts believed that the stock may be overvalued.
America Movil SA de CV (NYSE: AMX) posted disappointing 1st quarter results. Analysts promptly downgraded the Mexican mobile phone company.
In the broad market, advancing issues outpaced decliners by
a narrow margin on the NYSE, but were edged out by a margin of 6 to 5 on Nasdaq. The
Russell 2000 which tracks small cap stocks slipped 2 points to 715.
