On the upside
MGIC Investment (NYSE: MTG) swung to a second quarter loss due to increased loan delinquencies but revenue rose.
Colonial BancGroup (Nasdaq: CNB) blamed higher loan loss provisions for swinging to a second quarter loss but CEO Robert Lowder said that charge-offs will not increase in the coming quarters prompting an analyst upgrade.
ON Semiconductor (Nasdaq: ONNN) will pay approximately $115 million in stock to acquire Catalyst Semiconductor (Nasdaq: CATS).
On the downside
ValueClick (NYSE: VCLK) blamed a drop in display advertising due to the weak economy for lowering its revenue and earnings outlook for the year.TeleTech Holdings (Nasdaq: TTEC) completed restating financials for the past twelve years due to errors related to the accounting of stock based compensation.
Although Safeway (NYSE: SWY) reported higher second quarter earnings that surpassed expectations, the grocery store chain lowered its outlook for same store sales growth.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by a margin of 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 687.
