Sharply Lower Close As Trade Deficit Widens

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A widening of the nation's trade deficit sent the markets tumbling to a sharply lower close with the Dow plummeting 130 points 12,630. Nasdaq dropped 26 points to 2845.

On the upside

First quarter earnings for ZAGG (Nasdaq: ZAGG) surged more than fourfold after the company's iPad accessories were showcased on an episode of "The Oprah Winfrey Show."

DealReporter said that Globecomm Systems (Nasdaq: GCOM) retained the services of J. P. Morgan Chase & Co. to explore the possible sale of the company.

ChinaCast Education (Nasdaq: CAST) reported higher first quarter earnings as revenue soared.

On the downside

Ener1 (Nasdaq: HEV) widened first quarter losses prompting a downgrade. 

Mattson Technology (Nasdaq: MTSN) priced its public offering of 6.8 million common shares at the discounted price of $1.80 per share.

Valence Technology (Nasdaq: VLNC) announced the resignation of chief financial officer Ross Goolsby effective June 3, 2011.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks stumbled 15 points to 840.

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This page contains a single entry by published on May 11, 2011 1:44 PM.

Markets Tumble Over Disappointing Earnings was the previous entry in this blog.

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