Investors Fear Interest Rate Hike In China, Markets Close Lower
Potentially higher interest rates in China sent the markets down to a lower close with the Dow dropping 90 points to 11,192. Nasdaq tumbled 37 points to 2518.
On the upside
The Wall Street Journal reported that Fortune Brands (NYSE: FO) may explore the possibility of dividing the company into several smaller businesses.
City Telecom (Nasdaq: CTEL) launched a service package for its symmetric 100Mbps broadband, bbWi-Fi and Samsung GALAXY Tab for $35 per month.
Intel (Nasdaq: INTC) will incrase its quarter dividend to 18 cents per share beginning in the first quarter of 2011.
On the downside
DynaVox (Nasdaq: DVOX) disappointed with a loss for the first quarter.
Investors locked in profits on DryShips (Nasdaq: DRYS). The drybulk carrier announced yesterday that it won a drilling contract valued at approximately $77 million.
MGM Resorts (NYSE: MGM) announced that Barclays Capital purchased an additional 6 million shares of stock.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 719.
