Investors took some profits ahead a rate cut decision by the Federal Reserve this afternoon. Meanwhile, September durable goods orders unexpectedly rose. The Dow slipped 22 points to 9042 while Nasdaq lost 13 points to 1636.
On the upside
Kraft Foods (NYSE: KFT) posted a sizable profit due to a one-time gain from the $2.6 billion sale of Post Cereal. Core profits drifted lower while revenues surged.Casino hotel operators were among the biggest performers this morning. Shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (Nasdaq: WYNN) scored sharp gains.
Tessera Technologies (Nasdaq: TSRA) reported a favorable decision in its patent dispute against Amkor Technology (Nasdaq: AMKR) over chip technologies used in DRAM and wireless applications.
On the downside
Procter & Gamble (NYSE: PG) posted higher fiscal 1st quarter profits that met targets, but investors worried about the consumer product company's outlook.A strong yen weighed on profits at Sony (NYSE: SNE) which reported strong sales of strong flat-panel TV and PlayStation 3 sales and solid performance from its movies. The company also cut its outlook for the year.
Shares of VistaPrint (Nasdq: VPRT) tumbled after the Bermuda-based marketing company lowered its outlook. Analysts promptly downgraded the stock.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE, but were edged out by 6 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 484.
