Jittery Indexes Relinquish Moderate Gains

The major indexes gave up moderate morning gains, following yesterday's disastrous session, which saw the biggest mortgage lender in the country lose 30% of its share value. Traders are focused on the upcoming earnings season, which looks to be bleak, and U.S. economic numbers, also expected to highlight economic weakness.

DuPont (DD | Quote | Chart | News | PowerRating) rallied 4.6% on Wednesday morning, after raising its earnings outlook for 2007 and profit forecast for 2008 (full story).

Apollo (APOL | Quote | Chart | News | PowerRating) rallied 10.6% after reporting Q1 earnings results which exceeded analyst expectations (full story).

Alliance Technologies (ATK | Quote | Chart | News | PowerRating) fell 5.8% after announcing plans to purchase the space and radar business of a Canadian firm for $1.32 billion (full story).

Helen of Troy (HELE | Quote | Chart | News | PowerRating) fell 11.6% on Wednesday despite beating Q3 profit expectations. The company reduced its full-revenue forecast for 2008 (full story).

Countrywide Financial (CFC | Quote | Chart | News | PowerRating) continued to fall after yesterday's blowout. CFC shares were trading lower by 7.7%.

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