The markets traded mixed during the midday with the Dow falling 73 points to 12,661 after Fitch downgraded the credit ratings for Italy, Spain, Belgium and Slovenia. Nasdaq rose 6 points to 2811.
On the upside
Emulex (NYSE: ELX) reversed year ago losses to post a better than expected profit for the second quarter and forecast third quarter results that topped analyst estimates.
Shares of United Continental (NYSE: UAL) continued rising after reporting a narrower than expected loss for the fourth quarter yesterday.
Newell Rubbermaid (NYSE: NWL) reported higher fourth quarter earning that topped expectations.
On the downside
Inergy (NYSE: NRGY) will evaluate its operating business in light of a challenging market conditions prompting downgrades.
Shares of Nokia (NYSE: NOK) continued falling after reporting a fourth quarter loss yesterday.
Third quarter earnings dropped for Cirrus Logic (Nasdaq: CRUS).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 797.