Global Economic Recovery Concerns Sink Stocks

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The markets extended its losses during the midday with the Dow tumbling 105 points 12,443 over global economic recovery concerns. Nasdaq lost 7 points to 2775.

On the upside

Photronics (Nasdaq: PLAB) swung to a loss for the second quarter but the results were better than expected and revenue climbed to a record high.

Winn-Dixie (Nasdaq: WINN) reported higher third quarter earnings that surpassed analyst expectations by a wide margin.

Allied Irish Banks (NYSE: AIB) sold its 49.99% stake in Bulgarian-American Credit Bank for an undisclosed sum.

On the downside

Although first quarter income rose for Trina Solar (NYSE: TSL), the results fell far short of analyst expectation. 

Shares of FXCM (NYSE: FXCM) continued falling after yesterday's earnings miss prompted a downgrade.

FairPoint Communications (NYSE: FRP) swung to a first quarter profit due to a significant one-time pre-tax gain related to the company's bankruptcy reorganization but revenue dropped.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 818.

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This page contains a single entry by published on May 17, 2011 10:14 AM.

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