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.

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

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