Mixed Open As Earnings Season Begins
October 10, 2012 at 02:44 AM EDT
The markets opened mixed with the Dow losing 25 points to 13,447 while Nasdaq rose 5 points to 3070 as third quarter earnings season began.On the upsideTrue Religion (Nasdaq: TRLG) retained the services of Guggenheim Securities and Greenberg Traurig to explore strategic options including the possible sale of the company. Yum! Brands (NYSE: YUM) reported higher third quarter earnings that topped analyst estimates as revenue climbed.AuRico Gold (NYSE: AUQ) will sell its Ocampo mine in Mexico to Minera Frisco for $750 million in cash.On the downsideOCZ Technology (Nasdaq: OCZ) warned of significant losses for the second quarter. Glu Mobile (Nasdaq: GLUU) said that second quarter losses would be approximately $3.1 million.The Food and Drug Administration has not made a determination the New Chemical Entity application submitted by Amarin (NYSE: AMRN) for its high triglyceride treatment Vascepa.In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 827.
