Investors Resume Sell-off on Fiscal Worries

November 08, 2012 at 04:30 AM EST

Post-election selling resumed as investors worried about the “fiscal cliff”. The Dow lost 36 points to 12,895 while Nasdaq dropped a steeper 14 points to 2923.On the upsideEnergySolutions (NYSE: ES) posted earnings that met expectations while beating revenue targets. The provider of specialized, technology-based nuclear services also reaffirmed its profit outlook for 2012.

EZchip Semiconductor (Nasdaq:EZCH) announced a large customer order in the 3rd quarter that lifted its top line revenue numbers.

Salix Pharmaceuticals (Nasdaq: SLXP) met revenue estimates while eclipsing consensus estimates for earnings.

On the downsideOraSure Technologies (Nasdaq: OSUR) posted higher revenues and earnings, but its outlook for the 4th quarter disappointed. The company sells oral diagnostic kits for HIV.

Concho Resources (NYSE: CKO) reported lower than expected earnings and revenues even though oil production reached record levels in the 3rd quarter.

Shares of Genomic Health (Nasdaq: GHDX) fell after posting higher quarterly earnings, but the medical diagnostic company missed revenue expectations.

In
the broad market, declining issues outnumbered advancers by a 3 to 2 margin on both the NYSE and Nasdaq. The Russell 2000 which tracks
small cap stocks lost 4 points to 800.

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Investors Resume Sell-off on Fiscal Worries