Lower Open Ahead Of Earnings
Posted on January 08, 2013 at 09:44 AM EST
The beginning of earnings season weighed the markets down to a lower open with the Dow losing 45 points to 13,338. Nasdaq slipped 9 points to 3089.
On the upside
Perion Network (Nasdaq: PERI) forecast record fourth quarter revenue, lifted its full year guidance and expects 2013 revenue to surpass $110 million.
Shares of Peregrine Pharmaceuticals (Nasdaq: PPHM) continued rising after providing a positive update of on its lung cancer treatment bavituximab yesterday.
On the downside
GameStop (NYSE: GME) said that fourth quarter same store sales dropped and warned that current quarter earnings would fall at the low end of its previous guidance. TheStreet affirmed its Sell rating on Nokia (NYSE: NOK).
Yum Brands (NYSE: YUM) warned that same store sales would tumble 6% due to problems with two chicken suppliers in China.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The broader S&P 500 index lost 6 points to 1455.
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