Sharply Lower Close As Jobless Claims Unexpectedly Rise
An unexpected increase in first time jobless claims sent the markets tumbling to a sharply lower close with the Dow plunging 144 points to 10,271. Nasdaq plummeted 36 points to 2178.
On the upside
Children's Place (Nasdaq: PLCE) widened second quarter losses but the retailer lifted its full year outlook and announced a $100 million share repurchase plan.
Second quarter earnings for HiSoft Technology International (Nasdaq: HSFT) more than doubled as revenue soared.
Gammon Gold (NYSE: GRS) adopted a shareholder rights plan effective August 19, 2010.
On the downside
SWS Group (NYSE: SWS) announced the resignation of chief executive Donald W. Hultgren and named James H. Ross as interim chief executive.
Lesley Goldwasser resigned from Flagstar Bancorp's (NYSE: FBC) Board of Directors and from her position as Lead Independent Director of the Board.
1-800-Flowers.com (Nasdaq: FLWS) narrowed fourth quarter losses but revenue fell.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 17 points to 610.
