Lower close over oil glut concerns

Despite recovering crude oil prices, the markets closed lower with the Dow falling 47 points to 17,550 over continued concerns of an oil glut. Nasdaq lost 9 points to 5,105.

On the upside

LendingTree (Nasdaq: TREE) swung to a better than expected profit for the second quarter and lifted its full year outlook.

Metro Bancorp (Nasdaq: METR) will be acquired by FNB for a premium of approximately $474 million.

Tencent Holdings offered $622 million to acquire eLong (Nasdaq: LONG).

On the downside

ID Systems (Nasdaq: IDSY) widened second quarter losses as revenue fell.

Second quarter earnings plunged for TriMas (Nasdaq: TRS) to fall short of expectations and the company forecast full year earnings below estimates.

Nautilus (NYSE: NLS) reported higher second quarter earnings but the stock price tumbled.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE while decliners were on par with advancers on Nasdaq. The broader S&P 500 lost 4 points to 2093. Bitcoin added $1 to $283.
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