Disappointing Earnings Weigh Down Markets
Posted on July 12, 2012 at 10:54 AM EDT
Despite a drop in jobless claims, the markets opened lower with the Dow plunging 107 points to 12,497 over disappointing earnings reports. Nasdaq plummeted 48 points to 2839.
On the upside
Merck (NYSE: MRK) halted a late-stage clinical trial of its osteoporosis treatment odanacatib due to strong evidence that the drug was effective.
SAP (NYSE: SAP) pre-announced higher second quarter earnings that surpassed analyst expectations.
On the downside
Supervalu (NYSE: SVU) reported sharply lower first quarter earnings that fell far short of analyst expectations, suspended its dividend and announced a review of strategic options including the possible sale of the grocery store chain.
Infosys (Nasdaq: INFY) reported higher first quarter earnings and revenue but the company lowered its full year outlook.
ImmunoGen (Nasdaq: IMGN) priced its public offering of 6.25 million common shares at the discounted price of $16 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 780.
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