A drop in global markets weighed domestic markets down during the midday with the Dow plunging 133
points to 10,856. Nasdaq tumbled 28
points to
2352.
On the upside
Intuit (Nasdaq: INTU) widened fourth quarter losses but the results topped analyst estimates as revenue rose.Silicon Graphics International (Nasdaq: SGI) narrowed fourth quarter losses as revenue climbed.
J.C. Penney (NYSE: JCP) relaxed shareholder restrictions to allow William Ackerman's Pershing Square Capital Management to increase its 16.5 percent stake in the department store to 26.1 percent.
On the downside
Baird analyst C. Patrick Scholes downgraded Gaylord Entertainment (NYSE: GET) to a Market Perform rating and slashed his price target from $31 to $11 saying that the continued economic slump will hinder revenue growth.
New York & Co. (NYSE: NWY) narrowed second quarter losses but revenue dropped to fall short of analyst expectations.
Autodesk (Nasdaq: ADSK) reported higher second quarter earnings that topped estimates but investors were disappointed that the company forecast current quarter results in line with expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 655.
