Debt Concerns Sink Stocks
Concerns of a spreading debt crisis in Europe weighed the markets down to a lower close with the Dow falling 46 points to 11,006. Nasdaq tumbled 26 points to 2498.
On the upside
Etisalat Lanka of the United Arab Emirates selected Acme Packet's (Nasdaq: APKT) Net-Net session border controllers to support its IP interconnects for international calls.
Rising silver and gold prices lifted shares of Hecla Mining (NYSE: HL).
Shares of US Goldcorp (NYSE: UXG) rose after the Chinese government approved an investment fund that will focus on gold based exchange traded funds.
On the downside
China Medical Technologies (Nasdaq: CMED) announced a private placement of up to $100 million in senior convertible notes.
Thor Industries (NYSE: THO) reported higher first quarter earnings but the results fell far short of analyst expectations.
China Education Alliance (NYSE: CEU) denied allegations by Kerrisdale Capital Management that the education resource company was defrauding investors.
In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 727.
