The markets opened sharply lower with the Dow giving back nearly all of yesterday's gains by skidding 325
points to 10,914 over growing concerns about the stability of French banks. Nasdaq plunged 66 points to
2415.
On the upside
Canaccord Genuity analyst Jonathan Dorsheimer lifted his price target on Cree (Nasdaq: CREE) to $39 from $37.Argus Research upgraded Pfizer (NYSE: PFE) to a Buy rating while JPMorgan added the biopharmaceutical to its Analyst Focus List with a price target of $25.
Polo Ralph Lauren (NYSE: RL) reported higher first quarter earnings that beat analyst expectations and lifted its full year revenue guidance.
On the downside
Motricity (Nasdaq: MOTR) narrowed second quarter losses but the results fell short of expectations and the company forecast current quarter revenue well below estimates.
Disney (NYSE: DIS) reported higher third quarter earnings that topped analyst estimates but the earnings beat was the result of booking fees totaling $228 million from ESPN distributors in the third quarter instead of the fourth quarter.
Primo Water (Nasdaq: PRMW) narrowed second quarter losses but the results fell short of analyst expectations and the company forecast third quarter results below estimates.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 9 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 23 points to 672.
