On the upside
The Food and Drug Administration and Incyte (Nasdaq: INCY) agreed on the goals of a late stage clinical trial for the myelofibrosis treatment INCB18424.
Deutsche Bank cited improving conditions in the containerboard industry for upgrading International Paper (NYSE: IP).
Although second quarter earnings for Merck & Co. (NYSE: MRK) dropped due to falling revenue, the results beat analyst expectations.
On the downside
Regions Financial (NYSE: RF) blamed hefty loan loss provisions for swinging to a wider than expected second quarter loss.
Continental Airlines (NYSE: CAL) widened second quarter losses as business travelers curtailed trips amidst the economic downturn and fears of the swine flu. The airliner announced the elimination of 1,700 jobs and a $5 increase in domestic checked bag fees.
Comerica (NYSE: CMA) swung to a second quarter loss as loan loss provisions climbed and the bank made preferred dividend payments to the government.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 519.
