Lower Open Over Disappointing Retail Sales


The markets opened lower with the Dow falling 59 points 12,570 as April retail sales rose less than expected. Nasdaq lost 9 points to 2835.

On the upside

Sina (Nasdaq: SINA) reported lower first quarter earnings as the Chinese Web portal spent more for marketing and engineering its microblogging service Weibo but revenue rose to top analyst estimates.

First quarter earnings slipped for Symantec (Nasdaq: SYMC) but the results were better than expected.

Cloud Peak Energy (NYSE: CLD) won the lease for the West Antelope II North Coal Tract with its $297.7 million bid.

On the downside

Intel (NYSE: INTC) announced that it will sell up to 10 million shares of Clearwire (Nasdaq: CLWR). 

Cisco (Nasdaq: CSCO) disappointed with lower third quarter earnings and forecast current quarter results that fell far short of analyst expectations.

Falling home prices weighed down shares of Hovnanian Enterprises (NYSE: HOV).

In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 838.

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This page contains a single entry by published on May 12, 2011 6:54 AM.

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