Disappointing Earnings Weigh Markets Down To Lower Close

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Corporate earnings disappointed to weigh the markets down with the Dow closing flat at 12,807. Nasdaq tumbled 20 points to 2841.

On the upside

Incyte (Nasdaq: INCY) narrowed first quarter losses more than expected.

Rising rare earth prices lifted shares of Molycorp (NYSE: MCP).

FirstEnergy (NYSE: FE) reported lower first quarter earnings but revenue topped estimates and the company forecast 2011 through 2013 income above expectations.

On the downside

Citron Research questioned company data released by Sky-Mobi (Nasdaq: MOBI). 

Retreating gold prices weighed down shares of Eldorado Gold (NYSE: EGO).

Anadigics (Nasdaq: ANAD) widened first quarter losses and warned of lower second quarter revenue.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 11 points to 843.

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This page contains a single entry by published on May 3, 2011 1:33 PM.

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