Mid-Day Report

A sharper than expected drop in existing home sales sent the markets skidding during the midday with the Dow plummeting 152 points to 11,481. Nasdaq plunged 27 points to 2299.

On the upside

Although second quarter earnings for RadioShack (NYSE: RSH) slipped, the results surpassed analyst expectations.

AutoNation (NYSE: AN) blamed the weak economy for lower second quarter earnings. The results beat expectations and the auto retailer announced cost cutting measures that include the elimination of 1,300 jobs as well as the sale of underperforming stores.

Increased sales of oncology systems boosted third quarter earnings for Varian Medical Systems (NYSE: VAR) to surpass estimates.

On the downside

Second quarter earnings plunged for Cadence Design Systems (Nasdaq: CDNS) due to the sluggish economy. The electronic design software company cut its third quarter outlook prompting an analyst downgrade.

While Sierra Wireless (Nasdaq: SWIR) reported higher second quarter earnings that met expectations, the wireless modem maker issued a weak guidance for the third quarter.

MEMC Electronic Materials (NYSE: WFR) reported second quarter earnings that fell short of estimates and lowered its full year outlook.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 712.

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