The Dow Falls 148 Points, Nasdaq Drops 31

July 10, 2007 5:17 PM EDT
The Dow lost 148.27 points today to close at 13,501.70, the Nasdaq fell 30.86 points to close at 2,639.16 and the S&P 500 dropped 21.73 points to close at 1,510.12. Crude oil gained $0.62 to $72.81 per barrel.

Volume was modest with 2.8 billion shares trading on the NYSE and 2.24 billion on the Nasdaq. Decliners topped Advancers by a margin of 25:8 on the NYSE AND 22:8 on the Nasdaq.

In individual stories, FONAR Corporation (NASDAQ: FONR) gained 76% after the company had sold Seven UPRIGHT Multi-Position(TM) MRIs during the previous two weeks. By contrast, since this year began, sales by other MRI manufacturers have declined, with one major company reporting a quarterly imaging sales decline including MRI of $150 million. The Pantry, Inc. (NASDAQ: PTRY) fell 14.7% after the company said it expects to report diluted earnings per share for the third quarter in a range between $0.45 and $0.50, with a $0.06 charge, versus the consensus of $0.97. The company expect earnings per share for the full 2007 fiscal year to be between $1.65 and $1.80, versus the consensus of $2.26. For 2008, the company sees earnings per share of $2.70 to $3.00, versus the consensus of $3.27.

Tomorrow, investors will be looking for earnings from AAR (NYSE: AIR). Economic data on Oil Inventories is expected at 10:30AM EST.

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