Euro Tumbles, Markets Close Sharply Lower

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The euro tumbled to a four year low sending the markets down to a sharply lower close with the Dow plummeting 114 points to 10,510. Nasdaq plunged 36 points to 2317.

On the upside

Craft Brewers Alliance (Nasdaq: HOOK) swung to a first quarter profit.

First quarter earnings for Perfect World (Nasdaq: PWRD) surged as revenue jumped.

B. Riley upgraded K-Swiss (Nasdaq: KSWS) to a Buy rating.

On the downside

China Nepstar Chain Drugstore (NYSE: NPD) blamed expenses from 104 store openings for sharply lower first quarter earnings.

Resource Capital (NYSE: RSO) will offer approximately $80 million in stock.

Visa (NYSE: V) chief executive Joe Saunders said that proposed regulations on debit card fees may lead to fewer debit transactions.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 682.

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This page contains a single entry by published on May 18, 2010 1:38 PM.

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