It was a mixed close for the markets even as the Federal Reserve slashed interest rates by half a point to 1%. The Dow dropped 74 points to 8991 while Nasdaq rose 8 points to 1657.
On the upside
While hurricane disruptions weighed down third quarter earnings for Hercules Offshore (NYSE: HERO), the results surpassed analyst estimates .MF Global (NYSE: MF) announced that company president and chief operating officer Bernard Dan will replace Kevin Davis as chief executive.
Third quarter earnings for MGM Mirage (NYSE: MGM) plunged due to write-downs but the casino and resort operator announced plans to raise capital.
On the downside
A report that VeraSun Energy (NYSE: VSE) was exploring the possibility of filing for Chapter 11 bankruptcy protection sent shares of the ethanol producer.Manitowoc (NYSE: MTW) swung to a third quarter loss and cut its full year outlook.
Citi Investment Research analyst John K. Tysseland downgraded Atlas Pipeline Partners (NYSE: APL) due to falling crude oil prices.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 491.
