Rumors Of European Bailout Sink Stocks

January 29, 2010 1:42 PM | | TrackBacks (0)
Rumors that European governments may have to bailout their financial institutions sent the markets down to a lower close with the Dow falling 53 points to 10,067. Nasdaq plunged 31 points to 2147. 

 

On the upside

Coherent (Nasdaq: COHR) reversed year ago losses to post a profit for the first quarter and the company raised its full year sales outlook.

Ruddick (NYSE: RDK) reported higher first quarter earnings that topped estimates prompting an upgrade.

Integrated Silicon Solution (NYSE: ISSI) swung to a first quarter profit as revenue surged.

On the downside

The Food and Drug Administration requested more data from Theravance (Nasdaq: THRX) for the use of telavancin to treat hospital-acquired pneumonia.

Fourth quarter earnings for Computer Programs and Systems (Nasdaq: CPSI) tumbled despite higher revenue.

Airgas (NYSE: ARG) reported sharply lower third quarter earnings that fell short of expectations as revenue dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 5 points to 602.

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