After a volatile day of trading, the markets closed mixed with the Dow soaring 172 points to 8691 as investors scooped up bargains while remaining fearful of economic instability. Nasdaq dropped 12 points to 1604.
On the upside
Amerigroup (NYSE: AGP) reported higher third quarter earnings that surpassed expectations as revenue rose.Third quarter earnings for Diamond Offshore rose (NYSE: DO) prompting the offshore drilling contractor to increase its special dividend to $1.88 per share from $1.25 per share for the third quarter. The company also announced a two year $452 million contract to provide Total E&P Angola with its fourth generation semisubmersible Ocean Valient.
Bunge (NYSE: BG) reported lower third quarter earnings due to foreign exchange losses but revenue surged and the agricultural products company forecast full year results ahead of estimates.
On the downside
Providence Service (Nasdaq: PRSC) warned of substantial losses for the third quarter due to challenging external factors prompting a downgrade.Anadigics (Nasdaq: ANAD) swung to a loss for the third quarter and warned of further losses in the fourth quarter after losing market share.
Analysts downgraded Colonial BancGroup (NYSE: CNB) and cut their earnings estimates for the regional bank after the company reported a larger than expected third quarter loss.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 490.
