Fraud Charges Against Goldman Sachs Sink Stocks
Civil fraud charges filed by the Securities and Exchange Commission against Goldman Sachs sent the markets skidding to a sharply lower close with the Dow sinking 125 points to 11,018. Nasdaq plunged 34 points to 2481.
On the upside
Cost Plus (Nasdaq: CPWM) terminated its shareholder rights plan three years ahead of the original expiration date.
Shares of C&D Technologies (NYSE: CHD) rose ahead of its earnings release next week.
Accusations of fraud against Goldman Sachs (NYSE: GS) lifted shares of bond insurer MBIA (NYSE: MBI).
On the downside
Mesabi Trust (NYSE: MSB) declared a distribution of $0.125 per unit paybable on May 20, 2010 to shareholders of record April 30, 2010. The distribution is sharply lower than the $0.38 per unit paid last year.
First Horizon National (NYSE: FHN) narrowed first quarter losses but revenue dropped to fall short of expectations.
Central Pacific Bank (NYSE: CPF) will continue participating in the Federal Deposit Insurance Corporation Transaction Account Guarantee program which provides unlimited insurance coverage for certain accounts.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 9 points to 714.
