Disappointing Earnings Weigh Down Markets
November 20, 2012 at 01:43 AM EST
The markets opened lower with the Dow losing 22 points to 12,773 on disappointing earnings news. Nasdaq eased a point to 2914.On the upsideTiger Global Management acquired a 9.9% stake in Groupon (Nasdaq: GRPN).Green Mountain Coffee Roasters (Nasdaq: GMCR) appointed Brian Kelley, chief product supply officer for Coca Cola Refreshments (NYSE: KO), to the position of president and chief executive.Krispy Kreme Doughnuts (NYSE: KKD) reported higher third quarter earnings and revenue that topped analyst expectations and the company lifted its full year guidance.On the downsideHewlett-Packard (NYSE: HPQ) fell to a loss for the third quarter due to an $8.8 billion charge for accounting improprieties at Autonomy Corp. which HP acquired last year.Best Buy (NYSE: BBY) blamed restructuring charges for falling to a loss for the third quarter.Goldman Sachs downgraded Cliffs Natural Resources (NYSE: CLF) to a Sell rating.In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 791.
