Markets Down Over Swine Flu Fears

Investors fearful that a worldwide outbreak of the swine flu will exacerbate the slumping global economy sent the markets down to a lower close with the Dow falling 51 points to 8025.  Nasdaq dropped 14 points to 1679.

On the upside

JP Morgan initiated coverage of Thompson Creek Metals (NYSE: TC).

Inverness Medical (NYSE: IMA) reversed year ago losses to post a profit for the first quarter that surpassed analyst estimates.

Although first quarter earnings for Corning (NYSE: GLW) plunged due to sharply lower sales, the results beat expectations.


On the downside

XenoPort's (Nasdaq: XNPT) pain medication for diabetes patients failed a midstage clinical trial.

Shares of Clear Channel (NYSE: CCO) fell after Jefferies & Co. downgraded the outdoor advertising company Friday.

The swine flu outbreak in Mexico weighed down shares of Mexican airport operator Grupo Aeroportuario Del Sureste (NYSE: ASR).

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap dropped 9 points to 469.