Markets Slip As Earnings Disappoint
October 25, 2012 at 05:28 AM EDT
The markets traded lower during the midday with the Dow slipping 21 points to 13,055 as earnings disappointed. Nasdaq eased a point to 2980.On the upsideAkamai Technologies (Nasdaq: AKAM) reported higher third quarter earnings and revenue that surpassed analyst expectations.Angie’s List (Nasdaq: ANGI) posted a smaller than expected loss for the third quarter as revenue climbed.Third quarter earnings fell for Royal Caribbean Cruises (NYSE: RCL) but the results beat expectations and the cruise operator lifted its full year guidance.On the downsideDuPont Fabros Technology (NYSE: DFT) blamed higher expenses for a sharp drop in third quarter earnings.Best Buy (NYSE: BBY) warned of lower third quarter earnings and announced the retirement of the president of U. S. business Mike Vitelli at the end of the fiscal year.Third quarter earnings plunged for Cliffs Natural Resources (NYSE: CLF) as revenue tumbled.In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on the NYSE while advancers edged out decliners by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 811.