The Dow Lost 9 Points Today, Nasdaq Fell 36

The Dow lost 9.22 points today to close at 12,567.93, the Nasdaq fell 36.21 points to close at 2,443.21, and the S&P 500 lost 4.25 points to close at 1,426.37. The tech-heavy Nasdaq fell about 1.5% today after Apple (Nasdaq: AAPL) saw profit taking on the company's earnings report. Google (Nasdaq: GOOG) has also seen a drop of 15 points in the past few sessions. Also, last night, CNBC's Jim Cramer told investors to move out of technology, saying his theory is to buy tech in August and sell in January. Separately, crude fell another $1.76 to close at $50.48 after U.S. crude oil stocks rose by 6.8 million barrels, well above analysts' estimates of 100,000 barrels.

Volume was heavy with 2.95 billion shares trading on the NYSE and 2.52 billion trading on the Nasdaq. Decliners clobbered Advancers by a margin of 20:13 on the NYSE and 22:9 on the Nasdaq.

In Individual stories, Hoku Scientific (NASDAQ: HOKU) added 122.6% after announcing the signing of a definitive contract with Sanyo Electric Company, Ltd., for the sale and delivery of polysilicon to SANYO over a seven-year period beginning in January 2009. Under the contract, up to approximately $370 million may be payable to Hoku during the seven-year period, subject to the achievement of milestones, the acceptance of product deliveries and other conditions. LAM Research (Nasdaq: LRCX) fell 14.6% after reporting Q2 EPS of $1.15, 4 cents better than estimates. Revenues came in at $633.4 million versus the consensus of $620.8 million. However, LRCX sees Q3 EPS between $1.03-1.07 vs. consensus of $1.12. Sees FY EPS between $4.10-4.30 vs. $4.46. Company also sees delay/decline in quarterly chip shipments. There were also several downgrades on the stock today.

Tomorrow, investors will be looking for earnings from Citigroup (NYSE: C), General Electric (NYSE: GE), Johnson Controls (NYSE: JCI), Motorola (NYSE: MOT) and Schlumberger (NYSE: SLB).

Traders will be looking for economic data on University of Michigan Consumer Sentiment (10:00AM EST).

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