Mixed Markets At Midday
November 05, 2012 at 04:35 AM EST
The markets traded mixed during the midday with the Dow slipping 15 points to 13,077 ahead of tomorrow’s presidential election. Nasdaq added 4 points to 2986.On the upsideThird quarter earnings surged for Nam Tai Electronics (NYSE: NTE) as revenue more than doubled.Oyu Tolgoi, which is majority owned by Turquoise Hill Resources (NYSE: TRQ), signed a binding power purchase agreement with the Inner Mongolia Power Corporation.Health Net (NYSE: HNT) reported lower third quarter earnings but revenue rose and California extended four of its existing Medi-Cal contracts with the managed health care services provider. On the downsideBloomberg reported that the Securities and Exchange Commission was investigating Ebix (Nasdaq: EBIX) for the insurance software firm’s accounting practices.Endo Health Solutions (Nasdaq: ENDP) reported higher third quarter earnings but the results fell short of expectations and the company cut its full year guidance.Shares of Ocwen Financial (NYSE: OCN) continued falling after reported third quarter earnings last week that fell short of expectations.In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE while advancers edged out decliners by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 817.
