Unexpectedly sharp job losses in August lifted the nation's unemployment rate to a five year high to weigh down the markets during the midday with the Dow falling 24 points to 11,165. Nasdaq tumbled 15 points to 2244.
On the upside
Jefferies & Co. analyst Robert Schenosky upgraded GrafTech International (NYSE: GTI) on the expectation that electrode prices will climb next year.
Quicksilver (NYSE: ZQK) reversed year ago losses to report a profit for the third quarter as revenue rose to surpass estimates.
Hoku Scientific (Nasdaq: HOKU) announced a 10-year contract valued at up to $455 million to provide polysilicon to Solargiga Energy Holdings.
On the downside
First quarter earnings for Smith & Wesson Holding (Nasdaq: SWHC) dropped to fall short of estimates. Analysts warned of high inventories and continued pricing pressures.
Pike Electric (NYSE: PEC) reported flat fourth quarter earnings as revenue fell and forecast full year results below expectations.
Although Exelon (NYSE: EXC) lifted its fiscal 2008 guidance, the outlook fell short of analyst expectation.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 7 points to 711.
