Fitch Slashes Greece's Credit Rating, Markets Close Lower

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Fitch slashed the credit rating of Greece to send the markets down to a lower close with the Dow tumbling 93 points 12,512. Nasdaq dropped 19 points to 2803.

On the upside

Foot Locker (NYSE: FL) reported sharply higher first quarter earnings that surpassed analyst expectations as revenue climbed.

STEC (Nasdaq: STEC) chief executive officer Manouch Moshayedi and chief operating officer Mehrdad Moshayedi purchased shares of company stock.

First quarter earnings soared for Red Robin Gourmet Burgers (Nasdaq: RRGB) to beat analyst expectations by a wide margin as revenue rose.

On the downside

The Wet Seal (Nasdaq: WTSLA) reported first quarter earnings that more than doubled but the specialty retailer forecast current quarter income below estimates. 

Needham (NYSE: AEO) downgraded American Eagle Outfitters to a Hold rating.

MF Global Holdings (NYSE: MF) narrowed fourth quarter losses but the stock price dropped.

In the broad market, declining issues outpaced advancers by margin of nearly 2 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 829.

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This page contains a single entry by published on May 20, 2011 1:29 PM.

Markets Lower As Earnings Disappoint was the previous entry in this blog.

Markets Sink At Open On European Debt Concerns is the next entry in this blog.

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