Continued concerns about the stability of the financial services sector weighed down the markets during the midday with the Dow tumbling 79 points to 11,190. Nasdaq lost 6 points to 2222.
On the upside
Heavy equipment maker Joy Global (Nasdaq: JOYG) doubled its stock repurchase plan from $1 billion to $2 billion while extending the expiration date from the end of this year to the end of 2011.
Continental Airlines (NYSE: CAL) warned that its mainline domestic capacity will drop by 2.9% in the third quarter and by 4.5% for the year but that new baggage fees should bring in $100 million a year.
AvondalePartners analyst Blair King upgraded BigBand Networks (Nasdaq: BBND) saying that demand will increase for its products.
On the downside
Kenexa (Nasdaq: KNXA) blamed delayed business developments for lowering both its third quarter as well as its full year outlook prompting a downgrade.
Concert promoter Live Nation (NYSE: LYV) will launch a ticketing service of its own after its agreement with Ticketmaster (Nasdaq: TKTM) expires at the end of 2008.
InterDigital (Nasdaq: IDCC) forecast third quarter revenue below analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 713.
