Markets Extend Losses Over Greek Default Fears


The markets extended its losses during the midday with the Dow collapsing 231 points to 10,920 over fears that despite the European aid package, Greece will still default. Nasdaq skidded 74 points to 2424.

On the upside

Akorn (Nasdaq: AKRX) reversed year ago losses to post a profit for the first quarter as expenses dropped and the company lifted its core business revenue guidance.

The Phoenix Companies (NYSE: PNX) swung to a first quarter profit as revenue rose.

Vivus (Nasdaq: VVUS) reported that its experimental weight loss medication Qnexa also lowered blood pressure in patients.

On the downside

Alvarion (Nasdaq: ALVR) disappointed with a loss for the first quarter and announced a 20% reduction in its workforce.

Technitrol (NYSE: TNL) swung to a first quarter loss as revenue fell.

Actuate (NYSE: ACTU) reported lower first quarter earnings.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 22 points to 710.

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This page contains a single entry by published on May 4, 2010 10:27 AM.

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