Global Financial Instability Concerns Sink Stocks


Greece's expanding debt renewed fears of global financial instability sending the markets down during the midday with the Dow tumbling 90 points 12,605. Nasdaq dropped 26 points to 2836.

On the upside

Cyclacel Pharmaceuticals (Nasdaq: CYCC) narrowed first quarter losses.

A U. S. International Trade Commission judge ruled that Eastman Kodak (NYSE: EK) did not infringe on Apple's (Nasdaq: AAPL) digital camera patents.

Dillard's (NYSE: DDS) reported sharply higher first quarter earnings that beat analyst expectations by a wide margin.

On the downside

A federal appeals court ruled that Rambus (Nasdaq: RMBS) inappropriately shredded documents that were related to patent cases. 

CA (Nasdaq: CA) reported higher fourth quarter earnings but the results fell short of analyst expectations and the business software firm warned of a weak 2012 prompting a downgrade.

Evergreen Solar (Nasdaq: ESLR) widened first quarter losses and warned that it must raise capital in order to continue operations.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 838.

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This page contains a single entry by published on May 13, 2011 10:13 AM.

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