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Greek Debt Concerns Weigh Down Markets
Posted on January 24, 2012 at 09:40 AM EST
Concerns that Greece may fail to finalize a debt deal weighed the markets down to a lower open with the Dow losing 44 points to 12,664. Nasdaq slipped 2 points to 2781. On the upside Clearwire (Nasdaq: CLWR) expects to report fourth quarter revenue ahead of analyst expectations. EMC (NYSE: EMC) reported record earnings and revenue for the fourth quarter.
Fourth quarter earnings surged for Polycom (Nasdaq: PLCM) to surpass analyst expectations by a wide margin. On the downside Analysts expect Nokia's (NYSE: NOK) earnings and sales to drop as the company's market share continues to shrink. InterDigital (Nasdaq: IDCC) will not sell itself and focus on monetizing its vast portfolio of patents.
Zions Bancorp (Nasdaq: ZION) reversed year ago losses to post a profit for the fourth quarter but the results missed expectations. In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 780.
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