Markets drop as earnings disappoint

The markets reversed course in afternoon trading to close lower with the Dow dropping 70 points to 16,912 as earnings disappointed. Nasdaq slipped 2 points to 4442.

On the upside

The Food and Drug Administration approved Pharmacyclics' (Nasdaq: PCYC) chronic lymphocytic leukemia treatment IMBRUVICA.

Cynosure (Nasdaq: CYNO) reversed year ago losses to post a better than expected profit for the second quarter.

Second quarter earnings fell for Medidata Solutions (Nasdaq: MDSO) but revenue climbed to top analyst estimates.

On the downside

Targacept (Nasdaq: TRGT) will discontinue its TC-5214 overactive bladder program.

Investors locked in profits on El Pollo Loco (Nasdaq: LOCO).

GrafTech International (NYSE: GTI) fell to a loss for the second quarter as revenue slipped.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE while advancers were on par with decliners on Nasdaq. The broader S&P 500 lost 8 points to 1969. Bitcoin slipped $2 to $581.

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