Greek Debt Concerns Weigh Down Markets

|

Despite reassurances from Greece that the country will repay bailout funds, the markets opened lower with the Dow dropping 76 points 12,528. Nasdaq fell 16 points to 2807.

On the upside

Barnes & Noble (NYSE: BKS) received an acquisition offer from Liberty Media valued at approximately $1 billion.

Akamai Technologies (Nasdaq: AKAM) chief scientist Thomson Leighton purchased $1.6 million worth of company stock.

The European Medicines Agency's Committee for Medicinal Products for Human Use will grant Acorda Therapeutics' (Nasdaq: ACOR) multiple sclerosis drug Fampyra conditional marketing authorization after more data is submitted to the committee.

On the downside

Gap (NYSE: GPS) blamed higher expenses for a drop in first quarter earnings and slashed its full year guidance. 

LDK Solar (NYSE: LDK) cited rising interest rates for postponing a senior notes offering.

Aruba Networks (Nasdaq: ARUN) reversed year ago losses to post a profit for the third quarter but investors were disappointed with the company's current quarter guidance.

In the broad market, declining issues outpaced advancers by margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 827.

About this Entry

This page contains a single entry by published on May 20, 2011 6:33 AM.

Markets Close Higher As Jobless Claims Fall More Than Expected was the previous entry in this blog.

Markets Lower As Earnings Disappoint is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12