Markets Mixed Over Foreclosure Banking Losses

The markets traded mixed during the midday with the Dow losing 58 points to 11,035 over concerns that the suspension of foreclosures will cost banks billions. Nasdaq climbed 22 points to 2458.

On the upside

Genuine Parts (NYSE: GPC) reported higher third quarter earnings that surpassed analyst expectations as revenue climbed.

National Bank of Greece (NYSE: NBG) chief executive Apostolos Tamvakakis expressed confidence that Greek banks will soon be able to tap the interbank credit market again.

Apple (Nasdaq: AAPL) introduced three models of the iPad designed for business clients.

On the downside

Anadys Pharmaceuticals (Nasdaq: ANDS) priced its public offering of approximately 13.9 million common shares at the discounted price of $1.80 per share.

Joe's Jeans (Nasdaq: JOEZ) blamed greater expenses and a doubling of the company's tax rate for lower third quarter earnings.

First Horizon National (NYSE: FHN) swung to a third quarter profit but revenue fell.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 703.

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