Markets Close Sharply Lower As Radiation Alert Level Rises
Oil prices fell but the markets closed sharply lower with the Dow plummeting 117 points to 12,263 after Japan raised the radiation alert level at the Fukushima Dai-Ichi power plant. Nasdaq tumbled 26 points to 2744.
On the upside
Gildan Activewear (NYSE: GIL) will pay approximately $350 million to acquire Gold Toe Moretz Holdings.
The Daily Telegraph reported that Schneider Electric offered $30 billion to acquire Tyco International (NYSE: TYC).
PPL (NYSE: PPL) priced its offering of 80 million common shares at $25.30 per share.
On the downside
Joe's Jeans (Nasdaq: JOEZ) disappointed with lower first quarter earnings as revenue slipped.
CompuCredit Holdings (NYSE: CCRT) announced that more than 38 million common shares were validly tendered in the company's tender offer to purchase up to 13.125 million common shares.
GMX Resources (NYSE: GMXR) reported record production in the first quarter of 6.0 Bcfe and forecast sharply higher second quarter and full year production.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 11 points to 822.
