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Earnings Concerns Weigh Down Markets
Posted on July 09, 2012 at 20:23 PM EDT
Concerns about corporate earnings weighed the markets down to a lower close with the Dow losing 36 points to 12,736. Nasdaq slipped 5 points to 2931.
On the upside A Seeking Alpha contributor listed Galena Biopharma (Nasdaq: GALE) as one of three small cap pharmaceuticals that the author may buy. Jamba Juice (Nasdaq: JMBA) announced the grand opening of its joint venture store with Venus Williams in Washington DC. On the downside Patriot Coal (NYSE: PCX) filed for Chapter 11 bankruptcy protection. Shares of Alpha Natural Resources (NYSE: ANR), Arch Coal (NYSE: ACI) and James River Coal (Nasdaq: JRCC) all fell after Patriot Coal (NYSE: PCX) filed for bankruptcy. Shares of Pilgrim's Pride (NYSE: PPC) continued falling over concerns about Mexico's bird flu outbreak. In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 804.
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