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Lower Open As Spanish Borrowing Cost Soars
Posted on July 20, 2012 at 10:41 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 upside 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 downside Advanced 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.
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