Lower Open As Spanish Borrowing Cost Soars
July 20, 2012 at 02:41 AM EDT
The soaring cost for Spain to borrow money sent the markets tumbling to a lower open with the Dow dropping 73 points to 12,869. Nasdaq fell 15 points to 2950.On the upsideBaker Hughes (NYSE: BHI) reported higher second quarter earnings that beat analyst expectations.Second quarter earnings plunged for SanDisk (Nasdaq: SNDK) but the results were better than expected.New Oriental Education and Technology Group (NYSE: EDU) formed an independent special committee to review allegations made by Muddy Waters on Wednesday.On the downsideAdvanced Micro Devices (NYSE: AMD) disappointed with sharply lower second quarter earnings that fell short of expectations.Second quarter earnings surged for Chipotle Mexican Grill (NYSE: CMG) but the revenue missed analyst estimates.Cepheid (Nasdaq: CPHD) reported lower second quarter earnings even as revenue rose.In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 7 points to 794.
