Losses Extended As Investors Weigh Impact Of Earthquake And Tsunami
The markets extended its losses during the midday with the Dow plummeting 119 points to 11,925 as investors weighed the impact of the devastating earthquake and tsunami in Japan. Nasdaq plunged 23 points to 2691.
On the upside
Optimism that Japan may seek alternative power sources to nuclear energy lifted shares of JA Solar Holdings (Nasdaq: JASO).
Power-One (Nasdaq: PWER) began shipping inverter products from its new manufacturing facility in Shenzhen, China.
Corinthian Colleges (Nasdaq: COCO) affirmed its earnings outlook for the third quarter despite an expected 21% to 23% drop in enrollment.
On the downside
RAIT Financial Trust (NYSE: RAS) will offer $100 million in convertible senior notes.
D. A. Davidson analyst John Rogers cited concerns about Shaw Group's (NYSE: SHAW) nuclear power plant construction and equipment business for downgrading the engineering firm.Neutral Tandem (Nasdaq: TNDM) disappointed with lower fourth quarter earnings that fell far short of analyst expectations.In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points 795.
