The markets reversed course in afternoon trading to close lower with the Dow dropping 70 points to 16,912 as earnings disappointed. Nasdaq slipped 2 points to 4442.
On the upside
The Food and Drug Administration approved Pharmacyclics' (Nasdaq: PCYC) chronic lymphocytic leukemia treatment IMBRUVICA.
Cynosure (Nasdaq: CYNO) reversed year ago losses to post a better than expected profit for the second quarter.
Second quarter earnings fell for Medidata Solutions (Nasdaq: MDSO) but revenue climbed to top analyst estimates.
On the downside
Targacept (Nasdaq: TRGT) will discontinue its TC-5214 overactive bladder program.
Investors locked in profits on El Pollo Loco (Nasdaq: LOCO).
GrafTech International (NYSE: GTI) fell to a loss for the second quarter as revenue slipped.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE while advancers were on par with decliners on Nasdaq. The broader S&P 500 lost 8 points to 1969. Bitcoin slipped $2 to $581.