The markets opened mixed as oil price surged to a record $140 a barrel. The Dow lost 21 points to 12,283 while Nasdaq edged up 2 points to 2457.
On the upside
Lehman Brothers (NYSE: LEH) reported $2.8 billion in losses as more than $60 billion in mortgage-related securities remained at risk. The results met expectations.McClatchy (NYSE: MNI) announced plans to cut 10% of its workforce or 1400 positions in order to save $70 million a year. Year-over-year advertising revenues had fallen by about 15% in May for the newspaper publisher.
Greenfield Online (Nasdaq: SRVY) received a $426 million cash offer from private investment firm Quadrangle Group. The company provides marketing survey services on the Internet.
On the downside
Shares of Chiquita Brands International (NYSE: CQB) tumbled after the fresh fruit producer warned that it may report a loss in the 3rd quarter due to higher shipping costs and supply constraints in Central America and Ecuador.Manufacturing conglomerate Textron (NYSE: TXT) lowered its 2nd quarter profit targets due to weaknesses at its finance unit.
Republic Services (NYSE: RSG) and Allied Waste Industries (NYSE: AW) contemplated a merger in a stock swap. Analysts were lukewarm about the possibility.
In the broad market, advancing issues outpaced decliners by a margin of 7 to 6 on the NYSE and were even on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 733.
