Disappointing Earnings Weigh Markets Down

Disappointing earnings weighed the markets down to a modestly lower close with the Dow slipping 4 points to 15,543. Nasdaq fell 23 points to 3587.

On the upside

Schlumberger (NYSE: SLB) reported higher second quarter earnings that topped analyst estimates as revenue rose. 

Hologic (Nasdaq: HOLX) announced the return of former chief executive Jack Cumming to replace Robert Cascella as president and chief executive effective immediately. 

Shares of Diamond Resorts International (NYSE: DRII) climbed on its first trading day.

On the downside

Acacia Research (Nasdaq: ACTG) fell to a loss for the second quarter as revenue plunged while expenses climbed.

Vivus (Nasdaq: VVUS) settled a dispute with its largest shareholder, First Manhattan, by expanding its board to 11 members with six nominees by First Manhattan joining the board and naming Anthony Zook to the position of chief executive.

Janney Capital Markets analyst Brian McGill downgraded International Game Technology (NYSE: IGT) to a Neutral rating from a Buy rating citing a high stock price and rising expenses.   

In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE while decliners edged out advancers by 10 to 9 on Nasdaq. The broader S&P 500 index rose 2 points to 1692.

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