Markets Extend Losses At Midday
October 23, 2012 at 04:51 AM EDT
The markets extended its losses during the midday with the Dow stumbling 244 points to 13,10 in reaction to Moody’s downgrade of five Spanish regions. Nasdaq tumbled 32 points to 2984.On the upsideHarley-Davidson (NYSE: HOG) reported lower third quarter earnings and revenue as the motorcycle maker introduced a new production system but revenue beat expectations.Third quarter earnings and revenue fell for Whirlpool (NYSE: WHR) but the results were better than expected.BSD Medical (Nasdaq: BSDM) reported greatly improved tumor destruction in rectal cancer patients when hyperthermia is added to treatment.On the downsideThird quarter financials for Reynolds America (NYSE: RAI) failed to include a $5 million payment to Star Scientific (Nasdaq: STSI) to settle a patent suit.UBS analyst Jason DeRise said that buying Supervalu (NYSE: SVU) would be risky.American Eagle Outfitters (NYSE: AEO) expects to merely meet expectations for the third quarter.In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 12 points to 808.
