Fears Of Stalled Recovery Send Stocks Tumbling

|

Concerns that European spending cuts will halt the global economic recovery sent the markets tumbling to a sharply lower close with the Dow skidding 162 points to 10,620. Nasdaq plunged 47 points to 2346.

On the upside

Caris & Co. initiated coverage of Yahoo (Nasdaq: YHOO) with a Buy rating.

On the downside

First quarter earnings for China Electric Motor (Nasdaq: CELM) fell due to initial public offering expenses.

Cumberland Pharmaceuticals (Nasdaq: CPIX) reported sharply lower first quarter earnings as expenses rose.

BP (NYSE: BP) extended its losses as efforts to stop the oil flow from the Deepwater Horizon rig in the Gulf of Mexico fail again.

Shares of Citigroup (NYSE: C), Bank of America, (NYSE: BAC) and Morgan Stanley (NYSE: MS) all fell after the Wall Street Journal reported that the Securities and Exchange Commission launched an investigation into deceptive banking practices.

Investors locked in profits on InfoLogix (Nasdaq: IFLG), which announced on Wednesday a strategic partnership with Wavelink to provide voice-enabled mobile solutions to SAP transactions.

In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks stumbled 15 points to 693.

About this Entry

This page contains a single entry by published on May 14, 2010 1:29 PM.

Economic Recovery Concerns Sink Stocks was the previous entry in this blog.

Mixed Markets Open Over Mixed Earnings is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12