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September 01, 2020 1:28pm
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Disappointing Earnings End Market Rally

Disappointing earnings ended the stock market rally in late afternoon trading with the Dow dropping 82 points to 7886. Nasdaq added 2 points to 1646.

On the upside

SanDisk (NYSE: SNDK) swung to a loss for the first quarter as revenue tumbled but the results topped analyst estimates.

Las Vegas Sands (NYSE: LVS) amended its debt agreements.

Although first quarter earnings for RC2 (Nasdaq: RCRC) slipped, the results surpassed analyst expectations.

On the downside

A jury sided with Hansen Medical in its lawsuit against Luna Innovations (Nasdaq: LUNA) for breach of contract and awarded Hansen approximately $36 million in damages.

Infinera (Nasdaq: INFN) swung to a wider than expected loss for the first quarter as revenue tumbled.

JPMorgan analyst Jamie Baker downgraded Continental Airlines (NYSE: CAL) after the company reported a first quarter loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 470.
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