Banking Losses And Lending Restrictions Weigh Down Markets

January 20, 2010 1:32 PM |
Banking losses and tighter lending restrictions in China fueled fears of a stalled economic recovery sending the markets tumbling to a sharply lower close with the Dow plummeting 122 points to 10,603. Nasdaq dropped 29 points to 2291.

 

On the upside

Central European Media Enterprises (Nasdaq: CETV) will sell its Studio 1+1 and Kino channels in the Ukraine to Harley Trading Limited for $300 million.

Axcelis Technologies (Nasdaq: ACLS) announced orders from Asian and European clients for its Optima HDx high current implanter.

Fourth quarter earnings for State Street (NYSE: STT) nearly doubled to top estimates even as revenue slipped.

On the downside

Neutral Tandem (Nasdaq: TNDM) affirmed its full year outlook but the stock price fell.

Silver Standard Resources (Nasdaq: SSRI) president and chief executive Robert A. Quartermain resigned effective January 19, 2010. Director A. E. Michael Anglin was named interim president and chief executive.

Shares of hospital operator Community Health Systems (NYSE: CYH) dropped after Republican Scott Brown won the Massachusetts Senate seat, signalling the end of health care reform.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 639.

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This page contains a single entry by published on January 20, 2010 1:32 PM.

Chinese Lending Restrictions May Hinder Economic Recovery was the previous entry in this blog.

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