Markets sell-off as earnings fall short

Investors sold-off as corporate earnings disappointed. The markets closed sharply lower with the Dow plunging 123 points to 16,960 while Nasdaq fell 22 points to 4,449.

On the upside

Second quarter earnings slipped for HomeAway (Nasdaq: AWAY) but the results were better than expected and the company forecast current quarter as well as full year revenue ahead of estimates.

Newpark Resources (NYSE: NR) reported higher second quarter earnings and revenue that surpassed analyst expectations.

Acacia Research (Nasdaq: ACTG) widened second quarter losses but the results were better than expected as revenue more than doubled.

On the downside

Swift Transportation (NYSE: SWFT) reported lower second quarter earnings and blamed a shortage of truck drivers for forecasting current quarter revenue below expectations.

Second quarter earnings rose for Silicon Laboratories (Nasdaq: SLAB) but the company forecast current quarter earnings that fell short of expectations.

DragonWave (Nasdaq: DRWI) priced its public offering of 13.85 million units at a discount.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 lost 9 points to 1978. Bitcoin rose $3 to $599.

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