Markets Mixed At Midday Over Earnings
October 18, 2012 at 05:40 AM EDT
The markets traded mixed during the midday with the Dow rising 9 points to 13,566 over mixed earnings news. Nasdaq dropped 23 points to 3081.On the upsideIndian Hotels offered a premium of $12.63 per share in cash to acquire Orient-Express Hotels (NYSE: OEH). Wesco International (NYSE: WCC) reported higher third quarter earnings that topped analyst expectations and completed the acquisitions of Trydor Industries and Conney Safety.Shares of Hovnanian Enterprises (NYSE: HOV) continued climbing after the Commerce Department reported yesterday that September housing starts surged.On the downsideAlign Technology (Nasdaq: ALGN) reported lower preliminary third quarter earnings that missed analyst expectations and forecast disappointing current quarter results.Abbott Laboratories (NYSE: ABT) ended a clinical trial of the chronic kidney disease treatment bardoxolone methyl due to serious adverse events and mortality.Mellanox Technologies (Nasdaq: MLNX) reported sharply higher third quarter earnings and revenue but the company forecast current quarter results below expectations.In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 4 on the NYSE while decliners edged out advancers by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 842.
