Disappointing corporate earnings weighed down the markets during the midday with the Dow dropping 43 points to 10,335. Nasdaq lost 13 points to 2194.
On the upside
China Agritech (Nasdaq: CAGC) reported higher second quarter earnings that topped estimates as revenue soared.
GlobalOptions Group (Nasdaq: GLOI) will sell its Forensic DNA Solutions subsidiary to LSR Acquisition for approximately $30.5 million.
LDK Solar (NYSE: LDK) swung to a second quarter profit and forecast third quarter as well as full year results ahead of estimates.
On the downside
SmartHeat (Nasdaq: HEAT) reported higher second quarter earnings and revenue but margins fell.
Merriman Curhan Ford analyst Alex Kurtz downgraded NetApp (Nasdaq: NTAP).
Reuters reported that Vimpelcom (NYSE: VIP) entered discussions to acquire Italian mobile company Wind and the purchase a 51% stake in Egypt's Orascom Telecom.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 619.
