Budget Deficit Swells, Markets Tumble
The nation's budget deficit swelled to a record $222.5 billion in February sending the markets tumbling to a sharply lower close with the Dow skidding 228 points to 11,984. Nasdaq plummeted 50 points to 2701.
On the upside
Nikkei Business Daily reported that Japanese firm Tomy will pay approximately $604 million to acquire toy maker RC2 (Nasdaq: RCRC).
Pentwater Capital Management plans to nominate three candidates to the Board of Directors of Leap Wireless (Nasdaq: LEAP).
Semtech (Nasdaq: SMTC) reported sharply higher fourth quarter earnings that more than doubled to beat analyst expectations as revenue climbed.
On the downside
SIGA Technologies (Nasdaq: SIGA) widened fourth quarter losses as revenue slipped.
FX Energy (Nasdaq: FXEN) priced its public offering of 6 million common shares at the discounted price of $7.00 per share.GeoResources (Nasdaq: GEOI) reported higher fourth quarter earnings but the stock price fell.In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 21 points to 799.
