Few Jobs Added By Private Sector, Markets Collapse
The private sector added far fewer jobs than expected in May fostering fears of a stalled recovery to send the markets tumbling to a sharply lower close with the Dow collapsing 323 points to 9931. Nasdaq skidded 83 points to 2219.
On the upside
RCM Technologies (Nasdaq: RCMT) rejected a buy out offer from CDI (NYSE: CDI).
TechTeam Global (Nasdaq: TEAM) will be acquired for $59 million by Jacobs Engineering.
Navarre (Nasdaq: NAVR) reported higher fourth quarter earnings that topped analyst estimates.
On the downside
Shares of online employment solutions firm Monster Worldwide (Nasdaq: MWW) dropped after a disappointing jobs report.
Boston Private Financial Holdings (Nasdaq: BPFH) will raise up to $40 million through the sale of common shares.
Blyth (NYSE: BTH) reported higher first quarter earnings but the company cut its full year guidance.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 8 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 33 points to 633.
