Disappointing Earnings Weigh Down Markets
October 10, 2012 at 07:23 AM EDT
Disappointing corporate earnings weighed the markets down during the midday with the Dow plunging 116 points to 13,357. Nasdaq lost 9 points to 3055.On the upsideCleantech Solutions (Nasdaq: CLNT) received $2.2 million in purchase orders for 23 units of airflow dyeing machines. Ladenburg Thalmann affirmed its Buy rating on Keryx Biopharma (Nasdaq: KERX) and lifted its price target to $5 from $3.FedEx (NYSE: FDX) announced a plan to cut expenses by $1.7 billion over three years.On the downsideAccuride (NYSE: ACW) warned that full year revenue would fall short of expectations. Ferro (NYSE: FOE) slashed its full year earnings guidance and announced that it was exploring strategic options for its solar pastes business.The Los Angeles Times reported that consumer groups plan to oppose Tesoro’s (NYSE: TSO) $2.5 billion acquisition of Arco.In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 826.
