Nearly 6.7 Million Unemployed, Markets Fall
Continuing claims for unemployment benefits climbed to approach 6.7 million to weigh down the markets during the midday with the Dow tumbling 116 points to 8305. Nasdaq dropped 31 points to 1696.
Although Suntech Power Holdings (NYSE: STP) reported first quarter earnings that topped estimates, revenue plunged to fall short of expectations. The solar module maker also announced plans to offer 20 million American depositary shares.
New York & Co. (NYSE: NWY) swung to a first quarter loss as revenue fell and warned of losses for the second quarter.
On the upside
NetApp (Nasdaq: NTAP) will acquire Data Domain (Nasdaq: DDUP) in a cash and stock deal valued at approximately $1.5 billion.
Brocade Communications Systems (Nasdaq: BRCD) swung to a second quarter loss but revenue surged to beat expectations.
Stein Mart (Nasdaq: SMRT) reported first quarter earnings that more than doubled as the department store operator slashed expenses.
On the downside
Although Suntech Power Holdings (NYSE: STP) reported first quarter earnings that topped estimates, revenue plunged to fall short of expectations. The solar module maker also announced plans to offer 20 million American depositary shares.
New York & Co. (NYSE: NWY) swung to a first quarter loss as revenue fell and warned of losses for the second quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 479.
