Forex Investment

Computer makers and telecom issues lead a rebound from an early sell off, pushing the Nasdaq to positive ground and most averages back to even.

At 11:15 a.m. ET, the Nasdaq is up 0.7%. The S&P 500 is up 0.1% while the Dow and NYSE composite were even.

Asian exchanges showed upbeat trading. In Asia, China’s Shanghai composite rose 1.1% while the smaller Hang Seng index gained 2%. Tokyo’s Nikkei 225 added 0.9%. European stocks rose sharply in early trade, then tapered off as concerns regarding European exposure to U.S. credit markets overtook optimism of a Fed rate cut in the U.S. London’s benchmark FTSE 100 settled to a 0.5% gain late in the session.

Sigma Designs () gapped up on massive volume, gaining 5.90 to 44.53. The media chipset maker reported after Wednesday’s close its Q2 EPS topped views by 37%. Sales grew in triple digits for a 6th straight quarter. The move launched the stock well into new highs, and left the stock 25% above the 35.82 buy point on a recent pullback to its 10-week moving average line.

Celgene () spiked up 1.71 to 63.51. The cancer therapy developer continues to hammer home triple digit EPS growth and high double-digit sales growth, but the stock is late stage.

Intuitive Surgical () ticked up 3.39 to 218.97. The stock is in the fifth week of what could be a cup-shaped base.

Research In Motion () notched up 1.75 to 83.57 on solid volume. The maker of Blackberry handheld devices was toying with new highs, 7% above the 78.76 buy point on a pullback to the 10-week moving average line.

Downside stocks included Aluminum Corp. of China (), which slipped 2.35 to 65.02. The move gave back a small portion of gains earned in the back and forth trading surrounding many China-based stocks this week. Shares remained 23% above the 52.72 buy point on a recent pullback to its 10-week moving average.

10:15 a.m. ET Update: Stocks Open Lower, But Fighting Back

By Ed Carson

Stocks sold off at the open but quickly pared losses.

At 10:06 a.m ET, the Nasdaq was up 0.2% after falling 0.8% in the early going. Meanwhile, the S&P 500 and Dow are down 0.4%.

On Wednesday, the Nasdaq jumped 2.5% as volume edged up 1% vs. the prior day. That qualified as a follow-through day on Day 10 of the Nasdaq’s rally.

Past studies show that major market advances need a follow-through day. But they sometimes fail. When they do, they typically suffer some heavy-volume selling early on. That’s what happened to the Dow’s follow-through earlier this month.

Mortgage woes continued to hit many companies.

H&R Block () fell sharply after releasing weak results and saying it may have to shut its Option One mortgage unit. H&R is in talks to revise its deal with private equity firm Cerebus, but that may fall through. H&R’s CEO said the mortgage market may be the worst since the 1930s.

Freddie Mac () declined after the gov’t-sponsored mortgage finance giant set aside $320 mil for credit losses. Democrats want to expand the size and scope of Freddie and its sister firm Fannie Mae (), but the Bush administration and the Fed worry that they’re too big already. Both were down about 3%.

Countrywide Fin’l () continued to slide. Credit Suisse was the latest analyst to slash price targets, saying the No. 1 U.S. home lender will post a loss this year.

Hovnanian () rose modestly. The home builder’s CEO said the U.S. is in danger of falling into recession and called on the Fed to cut rates.

Vimpel Communications () rose to a new high after the Russian wireless operator said Q2 net rose 84% as revenue swelled 54%. Shares rose 3%.

Rival Mobile Telesystems () also climbed.

Tiffany () rose after upscale jewelry retailer reported strong results.

But most retailers were generally weak.

Wal-Mart () fell after Merrill Lynch tagged a “sell” rating on the world’s largest retailer, citing a weak back-to-school season.

Sears Holding () beat profit views, but sales fell and gross margins missed targets.

Coldwater Creek () tumbled 22% after the women’s apparel chain missed views and cut guidance. Rival Chico’s () also sold off after its results.

On the upside, Taser Int’l () rose after a Merriman Curhan Ford analyst upgraded the stun-gun maker, saying it faces no real competition and has a lot of room to increase its sales.

9:15 a.m. ET Update: Futures Point To Lower Open

By Vincent Mao

Stock futures pointed to a weaker open Thursday. The Nasdaq is -6 points vs. fair value, the S&P 500 -10 and the Dow -72.

In economic news, the economy grew 4% in the second-quarter, up from a prior estimate of 3.4%. But that was a tad below estimates of 4.1%.

Jobless claims rose for a 5th straight week to 334,000, the highest since mid-April. That fits the picture that financial market woes are affecting the real economy, making rate cuts more likely.

Fed Chairman Ben Bernanke will be speaking in Jackson Hole, Wyo. Friday.

Due to volatility in the credit markets, Lehman Bros () lowered earnings estimates for several of its investment bank peers, including Merrill Lynch (), Goldman Sachs () and Bear Stearns (). “We believe that third-quarter earnings will be significantly impacted by the dislocation in the credit and asset-backed/mortgage markets, only partially offset by strength in currencies, rates and commodities as well as decent equities comparisons and favorable investment banking conditions at least through July,” Lehman said.

Ciena () fell 3% in pre-market trading. The maker of network communications equipment swung to a profit in its fiscal third quarter.

Enso International () dropped 2% in the preopen. The provider of drilling services expects flat Q3 revenue, down from a prior forecast of 3% growth. But the company raised its buyback program by $500 million and declared a quarterly dividend of 2.5 cents a share.

Heico () late Wednesday said fiscal Q3 earnings hiked up 33% to 40 cents a share, 3 cents above views. The aircraft components maker guided full-year earnings between $1.40 and $1.43 a share vs. views of $1.41. Sales are pegged at $490 million to $493 million.

Sigma Designs () surged 14% in the premarket. Late Wednesday, the chipmaker reported second-quarter profit of 48 cents a share, up 433% from a year ago, easily beating views.

Computer makers and telecom issues lead a rebound from an early sell off, pushing the Nasdaq to positive ground and most averages back to even.

At 11:15 a.m. ET, the Nasdaq is up 0.7%. The S&P 500 is up 0.1% while the Dow and NYSE composite were even.

Asian exchanges showed upbeat trading. In Asia, China’s Shanghai composite rose 1.1% while the smaller Hang Seng index gained 2%. Tokyo’s Nikkei 225 added 0.9%. European stocks rose sharply in early trade, then tapered off as concerns regarding European exposure to U.S. credit markets overtook optimism of a Fed rate cut in the U.S. London’s benchmark FTSE 100 settled to a 0.5% gain late in the session.

Sigma Designs () gapped up on massive volume, gaining 5.90 to 44.53. The media chipset maker reported after Wednesday’s close its Q2 EPS topped views by 37%. Sales grew in triple digits for a 6th straight quarter. The move launched the stock well into new highs, and left the stock 25% above the 35.82 buy point on a recent pullback to its 10-week moving average line.

Celgene () spiked up 1.71 to 63.51. The cancer therapy developer continues to hammer home triple digit EPS growth and high double-digit sales growth, but the stock is late stage.

Intuitive Surgical () ticked up 3.39 to 218.97. The stock is in the fifth week of what could be a cup-shaped base.

Research In Motion () notched up 1.75 to 83.57 on solid volume. The maker of Blackberry handheld devices was toying with new highs, 7% above the 78.76 buy point on a pullback to the 10-week moving average line.

Downside stocks included Aluminum Corp. of China (), which slipped 2.35 to 65.02. The move gave back a small portion of gains earned in the back and forth trading surrounding many China-based stocks this week. Shares remained 23% above the 52.72 buy point on a recent pullback to its 10-week moving average.

10:15 a.m. ET Update: Stocks Open Lower, But Fighting Back

By Ed Carson

Stocks sold off at the open but quickly pared losses.

At 10:06 a.m ET, the Nasdaq was up 0.2% after falling 0.8% in the early going. Meanwhile, the S&P 500 and Dow are down 0.4%.

On Wednesday, the Nasdaq jumped 2.5% as volume edged up 1% vs. the prior day. That qualified as a follow-through day on Day 10 of the Nasdaq’s rally.

Past studies show that major market advances need a follow-through day. But they sometimes fail. When they do, they typically suffer some heavy-volume selling early on. That’s what happened to the Dow’s follow-through earlier this month.

Mortgage woes continued to hit many companies.

H&R Block () fell sharply after releasing weak results and saying it may have to shut its Option One mortgage unit. H&R is in talks to revise its deal with private equity firm Cerebus, but that may fall through. H&R’s CEO said the mortgage market may be the worst since the 1930s.

Freddie Mac () declined after the gov’t-sponsored mortgage finance giant set aside $320 mil for credit losses. Democrats want to expand the size and scope of Freddie and its sister firm Fannie Mae (), but the Bush administration and the Fed worry that they’re too big already. Both were down about 3%.

Countrywide Fin’l () continued to slide. Credit Suisse was the latest analyst to slash price targets, saying the No. 1 U.S. home lender will post a loss this year.

Hovnanian () rose modestly. The home builder’s CEO said the U.S. is in danger of falling into recession and called on the Fed to cut rates.

Vimpel Communications () rose to a new high after the Russian wireless operator said Q2 net rose 84% as revenue swelled 54%. Shares rose 3%.

Rival Mobile Telesystems () also climbed.

Tiffany () rose after upscale jewelry retailer reported strong results.

But most retailers were generally weak.

Wal-Mart () fell after Merrill Lynch tagged a “sell” rating on the world’s largest retailer, citing a weak back-to-school season.

Sears Holding () beat profit views, but sales fell and gross margins missed targets.

Coldwater Creek () tumbled 22% after the women’s apparel chain missed views and cut guidance. Rival Chico’s () also sold off after its results.

On the upside, Taser Int’l () rose after a Merriman Curhan Ford analyst upgraded the stun-gun maker, saying it faces no real competition and has a lot of room to increase its sales.

9:15 a.m. ET Update: Futures Point To Lower Open

By Vincent Mao

Stock futures pointed to a weaker open Thursday. The Nasdaq is -6 points vs. fair value, the S&P 500 -10 and the Dow -72.

In economic news, the economy grew 4% in the second-quarter, up from a prior estimate of 3.4%. But that was a tad below estimates of 4.1%.

Jobless claims rose for a 5th straight week to 334,000, the highest since mid-April. That fits the picture that financial market woes are affecting the real economy, making rate cuts more likely.

Fed Chairman Ben Bernanke will be speaking in Jackson Hole, Wyo. Friday.

Due to volatility in the credit markets, Lehman Bros () lowered earnings estimates for several of its investment bank peers, including Merrill Lynch (), Goldman Sachs () and Bear Stearns (). “We believe that third-quarter earnings will be significantly impacted by the dislocation in the credit and asset-backed/mortgage markets, only partially offset by strength in currencies, rates and commodities as well as decent equities comparisons and favorable investment banking conditions at least through July,” Lehman said.

Ciena () fell 3% in pre-market trading. The maker of network communications equipment swung to a profit in its fiscal third quarter.

Enso International () dropped 2% in the preopen. The provider of drilling services expects flat Q3 revenue, down from a prior forecast of 3% growth. But the company raised its buyback program by $500 million and declared a quarterly dividend of 2.5 cents a share.

Heico () late Wednesday said fiscal Q3 earnings hiked up 33% to 40 cents a share, 3 cents above views. The aircraft components maker guided full-year earnings between $1.40 and $1.43 a share vs. views of $1.41. Sales are pegged at $490 million to $493 million.

Sigma Designs () surged 14% in the premarket. Late Wednesday, the chipmaker reported second-quarter profit of 48 cents a share, up 433% from a year ago, easily beating views.

Computer makers and telecom issues lead a rebound from an early sell off, pushing the Nasdaq to positive ground and most averages back to even.

At 11:15 a.m. ET, the Nasdaq is up 0.7%. The S&P 500 is up 0.1% while the Dow and NYSE composite were even.

Asian exchanges showed upbeat trading. In Asia, China’s Shanghai composite rose 1.1% while the smaller Hang Seng index gained 2%. Tokyo’s Nikkei 225 added 0.9%. European stocks rose sharply in early trade, then tapered off as concerns regarding European exposure to U.S. credit markets overtook optimism of a Fed rate cut in the U.S. London’s benchmark FTSE 100 settled to a 0.5% gain late in the session.

Sigma Designs () gapped up on massive volume, gaining 5.90 to 44.53. The media chipset maker reported after Wednesday’s close its Q2 EPS topped views by 37%. Sales grew in triple digits for a 6th straight quarter. The move launched the stock well into new highs, and left the stock 25% above the 35.82 buy point on a recent pullback to its 10-week moving average line.

Celgene () spiked up 1.71 to 63.51. The cancer therapy developer continues to hammer home triple digit EPS growth and high double-digit sales growth, but the stock is late stage.

Intuitive Surgical () ticked up 3.39 to 218.97. The stock is in the fifth week of what could be a cup-shaped base.

Research In Motion () notched up 1.75 to 83.57 on solid volume. The maker of Blackberry handheld devices was toying with new highs, 7% above the 78.76 buy point on a pullback to the 10-week moving average line.

Downside stocks included Aluminum Corp. of China (), which slipped 2.35 to 65.02. The move gave back a small portion of gains earned in the back and forth trading surrounding many China-based stocks this week. Shares remained 23% above the 52.72 buy point on a recent pullback to its 10-week moving average.

10:15 a.m. ET Update: Stocks Open Lower, But Fighting Back

By Ed Carson

Stocks sold off at the open but quickly pared losses.

At 10:06 a.m ET, the Nasdaq was up 0.2% after falling 0.8% in the early going. Meanwhile, the S&P 500 and Dow are down 0.4%.

On Wednesday, the Nasdaq jumped 2.5% as volume edged up 1% vs. the prior day. That qualified as a follow-through day on Day 10 of the Nasdaq’s rally.

Past studies show that major market advances need a follow-through day. But they sometimes fail. When they do, they typically suffer some heavy-volume selling early on. That’s what happened to the Dow’s follow-through earlier this month.

Mortgage woes continued to hit many companies.

H&R Block () fell sharply after releasing weak results and saying it may have to shut its Option One mortgage unit. H&R is in talks to revise its deal with private equity firm Cerebus, but that may fall through. H&R’s CEO said the mortgage market may be the worst since the 1930s.

Freddie Mac () declined after the gov’t-sponsored mortgage finance giant set aside $320 mil for credit losses. Democrats want to expand the size and scope of Freddie and its sister firm Fannie Mae (), but the Bush administration and the Fed worry that they’re too big already. Both were down about 3%.

Countrywide Fin’l () continued to slide. Credit Suisse was the latest analyst to slash price targets, saying the No. 1 U.S. home lender will post a loss this year.

Hovnanian () rose modestly. The home builder’s CEO said the U.S. is in danger of falling into recession and called on the Fed to cut rates.

Vimpel Communications () rose to a new high after the Russian wireless operator said Q2 net rose 84% as revenue swelled 54%. Shares rose 3%.

Rival Mobile Telesystems () also climbed.

Tiffany () rose after upscale jewelry retailer reported strong results.

But most retailers were generally weak.

Wal-Mart () fell after Merrill Lynch tagged a “sell” rating on the world’s largest retailer, citing a weak back-to-school season.

Sears Holding () beat profit views, but sales fell and gross margins missed targets.

Coldwater Creek () tumbled 22% after the women’s apparel chain missed views and cut guidance. Rival Chico’s () also sold off after its results.

On the upside, Taser Int’l () rose after a Merriman Curhan Ford analyst upgraded the stun-gun maker, saying it faces no real competition and has a lot of room to increase its sales.

9:15 a.m. ET Update: Futures Point To Lower Open

By Vincent Mao

Stock futures pointed to a weaker open Thursday. The Nasdaq is -6 points vs. fair value, the S&P 500 -10 and the Dow -72.

In economic news, the economy grew 4% in the second-quarter, up from a prior estimate of 3.4%. But that was a tad below estimates of 4.1%.

Jobless claims rose for a 5th straight week to 334,000, the highest since mid-April. That fits the picture that financial market woes are affecting the real economy, making rate cuts more likely.

Fed Chairman Ben Bernanke will be speaking in Jackson Hole, Wyo. Friday.

Due to volatility in the credit markets, Lehman Bros () lowered earnings estimates for several of its investment bank peers, including Merrill Lynch (), Goldman Sachs () and Bear Stearns (). “We believe that third-quarter earnings will be significantly impacted by the dislocation in the credit and asset-backed/mortgage markets, only partially offset by strength in currencies, rates and commodities as well as decent equities comparisons and favorable investment banking conditions at least through July,” Lehman said.

Ciena () fell 3% in pre-market trading. The maker of network communications equipment swung to a profit in its fiscal third quarter.

Enso International () dropped 2% in the preopen. The provider of drilling services expects flat Q3 revenue, down from a prior forecast of 3% growth. But the company raised its buyback program by $500 million and declared a quarterly dividend of 2.5 cents a share.

Heico () late Wednesday said fiscal Q3 earnings hiked up 33% to 40 cents a share, 3 cents above views. The aircraft components maker guided full-year earnings between $1.40 and $1.43 a share vs. views of $1.41. Sales are pegged at $490 million to $493 million.

Sigma Designs () surged 14% in the premarket. Late Wednesday, the chipmaker reported second-quarter profit of 48 cents a share, up 433% from a year ago, easily beating views.

Computer makers and telecom issues lead a rebound from an early sell off, pushing the Nasdaq to positive ground and most averages back to even.

At 11:15 a.m. ET, the Nasdaq is up 0.7%. The S&P 500 is up 0.1% while the Dow and NYSE composite were even.

Asian exchanges showed upbeat trading. In Asia, China’s Shanghai composite rose 1.1% while the smaller Hang Seng index gained 2%. Tokyo’s Nikkei 225 added 0.9%. European stocks rose sharply in early trade, then tapered off as concerns regarding European exposure to U.S. credit markets overtook optimism of a Fed rate cut in the U.S. London’s benchmark FTSE 100 settled to a 0.5% gain late in the session.

Sigma Designs () gapped up on massive volume, gaining 5.90 to 44.53. The media chipset maker reported after Wednesday’s close its Q2 EPS topped views by 37%. Sales grew in triple digits for a 6th straight quarter. The move launched the stock well into new highs, and left the stock 25% above the 35.82 buy point on a recent pullback to its 10-week moving average line.

Celgene () spiked up 1.71 to 63.51. The cancer therapy developer continues to hammer home triple digit EPS growth and high double-digit sales growth, but the stock is late stage.

Intuitive Surgical () ticked up 3.39 to 218.97. The stock is in the fifth week of what could be a cup-shaped base.

Research In Motion () notched up 1.75 to 83.57 on solid volume. The maker of Blackberry handheld devices was toying with new highs, 7% above the 78.76 buy point on a pullback to the 10-week moving average line.

Downside stocks included Aluminum Corp. of China (), which slipped 2.35 to 65.02. The move gave back a small portion of gains earned in the back and forth trading surrounding many China-based stocks this week. Shares remained 23% above the 52.72 buy point on a recent pullback to its 10-week moving average.

10:15 a.m. ET Update: Stocks Open Lower, But Fighting Back

By Ed Carson

Stocks sold off at the open but quickly pared losses.

At 10:06 a.m ET, the Nasdaq was up 0.2% after falling 0.8% in the early going. Meanwhile, the S&P 500 and Dow are down 0.4%.

On Wednesday, the Nasdaq jumped 2.5% as volume edged up 1% vs. the prior day. That qualified as a follow-through day on Day 10 of the Nasdaq’s rally.

Past studies show that major market advances need a follow-through day. But they sometimes fail. When they do, they typically suffer some heavy-volume selling early on. That’s what happened to the Dow’s follow-through earlier this month.

Mortgage woes continued to hit many companies.

H&R Block () fell sharply after releasing weak results and saying it may have to shut its Option One mortgage unit. H&R is in talks to revise its deal with private equity firm Cerebus, but that may fall through. H&R’s CEO said the mortgage market may be the worst since the 1930s.

Freddie Mac () declined after the gov’t-sponsored mortgage finance giant set aside $320 mil for credit losses. Democrats want to expand the size and scope of Freddie and its sister firm Fannie Mae (), but the Bush administration and the Fed worry that they’re too big already. Both were down about 3%.

Countrywide Fin’l () continued to slide. Credit Suisse was the latest analyst to slash price targets, saying the No. 1 U.S. home lender will post a loss this year.

Hovnanian () rose modestly. The home builder’s CEO said the U.S. is in danger of falling into recession and called on the Fed to cut rates.

Vimpel Communications () rose to a new high after the Russian wireless operator said Q2 net rose 84% as revenue swelled 54%. Shares rose 3%.

Rival Mobile Telesystems () also climbed.

Tiffany () rose after upscale jewelry retailer reported strong results.

But most retailers were generally weak.

Wal-Mart () fell after Merrill Lynch tagged a “sell” rating on the world’s largest retailer, citing a weak back-to-school season.

Sears Holding () beat profit views, but sales fell and gross margins missed targets.

Coldwater Creek () tumbled 22% after the women’s apparel chain missed views and cut guidance. Rival Chico’s () also sold off after its results.

On the upside, Taser Int’l () rose after a Merriman Curhan Ford analyst upgraded the stun-gun maker, saying it faces no real competition and has a lot of room to increase its sales.

9:15 a.m. ET Update: Futures Point To Lower Open

By Vincent Mao

Stock futures pointed to a weaker open Thursday. The Nasdaq is -6 points vs. fair value, the S&P 500 -10 and the Dow -72.

In economic news, the economy grew 4% in the second-quarter, up from a prior estimate of 3.4%. But that was a tad below estimates of 4.1%.

Jobless claims rose for a 5th straight week to 334,000, the highest since mid-April. That fits the picture that financial market woes are affecting the real economy, making rate cuts more likely.

Fed Chairman Ben Bernanke will be speaking in Jackson Hole, Wyo. Friday.

Due to volatility in the credit markets, Lehman Bros () lowered earnings estimates for several of its investment bank peers, including Merrill Lynch (), Goldman Sachs () and Bear Stearns (). “We believe that third-quarter earnings will be significantly impacted by the dislocation in the credit and asset-backed/mortgage markets, only partially offset by strength in currencies, rates and commodities as well as decent equities comparisons and favorable investment banking conditions at least through July,” Lehman said.

Ciena () fell 3% in pre-market trading. The maker of network communications equipment swung to a profit in its fiscal third quarter.

Enso International () dropped 2% in the preopen. The provider of drilling services expects flat Q3 revenue, down from a prior forecast of 3% growth. But the company raised its buyback program by $500 million and declared a quarterly dividend of 2.5 cents a share.

Heico () late Wednesday said fiscal Q3 earnings hiked up 33% to 40 cents a share, 3 cents above views. The aircraft components maker guided full-year earnings between $1.40 and $1.43 a share vs. views of $1.41. Sales are pegged at $490 million to $493 million.

Sigma Designs () surged 14% in the premarket. Late Wednesday, the chipmaker reported second-quarter profit of 48 cents a share, up 433% from a year ago, easily beating views.

Computer makers and telecom issues lead a rebound from an early sell off, pushing the Nasdaq to positive ground and most averages back to even.

At 11:15 a.m. ET, the Nasdaq is up 0.7%. The S&P 500 is up 0.1% while the Dow and NYSE composite were even.

Asian exchanges showed upbeat trading. In Asia, China’s Shanghai composite rose 1.1% while the smaller Hang Seng index gained 2%. Tokyo’s Nikkei 225 added 0.9%. European stocks rose sharply in early trade, then tapered off as concerns regarding European exposure to U.S. credit markets overtook optimism of a Fed rate cut in the U.S. London’s benchmark FTSE 100 settled to a 0.5% gain late in the session.

Sigma Designs () gapped up on massive volume, gaining 5.90 to 44.53. The media chipset maker reported after Wednesday’s close its Q2 EPS topped views by 37%. Sales grew in triple digits for a 6th straight quarter. The move launched the stock well into new highs, and left the stock 25% above the 35.82 buy point on a recent pullback to its 10-week moving average line.

Celgene () spiked up 1.71 to 63.51. The cancer therapy developer continues to hammer home triple digit EPS growth and high double-digit sales growth, but the stock is late stage.

Intuitive Surgical () ticked up 3.39 to 218.97. The stock is in the fifth week of what could be a cup-shaped base.

Research In Motion () notched up 1.75 to 83.57 on solid volume. The maker of Blackberry handheld devices was toying with new highs, 7% above the 78.76 buy point on a pullback to the 10-week moving average line.

Downside stocks included Aluminum Corp. of China (), which slipped 2.35 to 65.02. The move gave back a small portion of gains earned in the back and forth trading surrounding many China-based stocks this week. Shares remained 23% above the 52.72 buy point on a recent pullback to its 10-week moving average.

10:15 a.m. ET Update: Stocks Open Lower, But Fighting Back

By Ed Carson

Stocks sold off at the open but quickly pared losses.

At 10:06 a.m ET, the Nasdaq was up 0.2% after falling 0.8% in the early going. Meanwhile, the S&P 500 and Dow are down 0.4%.

On Wednesday, the Nasdaq jumped 2.5% as volume edged up 1% vs. the prior day. That qualified as a follow-through day on Day 10 of the Nasdaq’s rally.

Past studies show that major market advances need a follow-through day. But they sometimes fail. When they do, they typically suffer some heavy-volume selling early on. That’s what happened to the Dow’s follow-through earlier this month.

Mortgage woes continued to hit many companies.

H&R Block () fell sharply after releasing weak results and saying it may have to shut its Option One mortgage unit. H&R is in talks to revise its deal with private equity firm Cerebus, but that may fall through. H&R’s CEO said the mortgage market may be the worst since the 1930s.

Freddie Mac () declined after the gov’t-sponsored mortgage finance giant set aside $320 mil for credit losses. Democrats want to expand the size and scope of Freddie and its sister firm Fannie Mae (), but the Bush administration and the Fed worry that they’re too big already. Both were down about 3%.

Countrywide Fin’l () continued to slide. Credit Suisse was the latest analyst to slash price targets, saying the No. 1 U.S. home lender will post a loss this year.

Hovnanian () rose modestly. The home builder’s CEO said the U.S. is in danger of falling into recession and called on the Fed to cut rates.

Vimpel Communications () rose to a new high after the Russian wireless operator said Q2 net rose 84% as revenue swelled 54%. Shares rose 3%.

Rival Mobile Telesystems () also climbed.

Tiffany () rose after upscale jewelry retailer reported strong results.

But most retailers were generally weak.

Wal-Mart () fell after Merrill Lynch tagged a “sell” rating on the world’s largest retailer, citing a weak back-to-school season.

Sears Holding () beat profit views, but sales fell and gross margins missed targets.

Coldwater Creek () tumbled 22% after the women’s apparel chain missed views and cut guidance. Rival Chico’s () also sold off after its results.

On the upside, Taser Int’l () rose after a Merriman Curhan Ford analyst upgraded the stun-gun maker, saying it faces no real competition and has a lot of room to increase its sales.

9:15 a.m. ET Update: Futures Point To Lower Open

By Vincent Mao

Stock futures pointed to a weaker open Thursday. The Nasdaq is -6 points vs. fair value, the S&P 500 -10 and the Dow -72.

In economic news, the economy grew 4% in the second-quarter, up from a prior estimate of 3.4%. But that was a tad below estimates of 4.1%.

Jobless claims rose for a 5th straight week to 334,000, the highest since mid-April. That fits the picture that financial market woes are affecting the real economy, making rate cuts more likely.

Fed Chairman Ben Bernanke will be speaking in Jackson Hole, Wyo. Friday.

Due to volatility in the credit markets, Lehman Bros () lowered earnings estimates for several of its investment bank peers, including Merrill Lynch (), Goldman Sachs () and Bear Stearns (). “We believe that third-quarter earnings will be significantly impacted by the dislocation in the credit and asset-backed/mortgage markets, only partially offset by strength in currencies, rates and commodities as well as decent equities comparisons and favorable investment banking conditions at least through July,” Lehman said.

Ciena () fell 3% in pre-market trading. The maker of network communications equipment swung to a profit in its fiscal third quarter.

Enso International () dropped 2% in the preopen. The provider of drilling services expects flat Q3 revenue, down from a prior forecast of 3% growth. But the company raised its buyback program by $500 million and declared a quarterly dividend of 2.5 cents a share.

Heico () late Wednesday said fiscal Q3 earnings hiked up 33% to 40 cents a share, 3 cents above views. The aircraft components maker guided full-year earnings between $1.40 and $1.43 a share vs. views of $1.41. Sales are pegged at $490 million to $493 million.

Sigma Designs () surged 14% in the premarket. Late Wednesday, the chipmaker reported second-quarter profit of 48 cents a share, up 433% from a year ago, easily beating views.