Concerns Of Greek Debt Default Weighs Down Markets

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Concerns that Greece may default on its loans weighed the markets down during the midday with the Dow losing 14 points 12,366. Nasdaq fell 12 points to 2746.

On the upside

Rediff.com (Nasdaq: REDF) narrowed fourth quarter losses as revenue rose.

DSW (NYSE: DSW) reported higher first quarter earnings that beat analyst expectations prompting the footwear retailer to lift its full year guidance.

Russian Internet search engine Yandex (Nasdaq: YNDX) surged on its first trading day.

On the downside

Mecox Lane (Nasdaq: MCOX) widened first quarter losses as revenue fell. 

While Cracker Barrel Old Country Store (Nasdaq: CBRL) reported higher third quarter earnings, the results fell short of analyst expectations and the restaurant chain forecast current quarter revenue below estimates.

Wunderlich Securities downgraded Research in Motion (Nasdaq: RIMM) to a Hold rating and cut its price target from $76 to $46.

In the broad market, declining issues outpaced advancers by margin of nearly 9 to 7 on the NYSE and by more than 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 809.

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This page contains a single entry by published on May 24, 2011 10:17 AM.

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