Flat Open As Spain’s Recession Deepens
August 29, 2012 at 02:44 AM EDT
The markets opened flat with the Dow edging up a point to 13,104 as Spain’s recession deepened. Nasdaq added 1 point to 3078.On the upsideJoS. A. Bank Clothiers (Nasdaq: JOSB) reported higher second quarter earnings that beat analyst expectations as sales climbed. WellPoint (NYSE: WLP) chief executive Angela Braly resigned due to shareholder pressure.Molycorp (NYSE: MCP) successfully closed its public offering of convertible senior notes and common stock.On the downsideDycom (NYSE: DY) disappointed with flat fourth quarter earnings that fell short of expectations. Joy Global (NYSE: JOY) reported higher third quarter earnings but the mining equipment maker cited slowing demand for lowering its full year guidance.JA Solar (Nasdaq: JASO) widened second quarter losses and cut its shipment outlook for the year.In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 814.
