Disappointing Data Sends Markets To Lower Close

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Disappointing earnings and economic data sent the markets down to a lower close with the Dow dropping 68 points 12,479. Nasdaq edged up a fraction to 2783.

On the upside

A Seeking Alpha article listed Alpha Natural Resources (NYSE: ANR) to its list of top mining companies.

First quarter income rose for eLong (Nasdaq: LONG) to top analyst estimates and the company announced that Tencent Holdings acquired a 16% stake in the company for $84.4 million while Expedia increased its stake to 56%.

Goldman Sachs initiated coverage of Mako Surgical (Nasdaq: MAKO) with a Conviction Buy rating.

On the downside

Shares of Rambus (Nasdaq: RMBS) continued falling after a federal appeals court ruled on Friday that the company inappropriately destroyed documents related to a patent case. 

Unconfirmed reports circulated that Bank of America Merrill Lynch (NYSE: BAC) withdrew two Janus Capital Group (NYSE: JNS) funds from its portfolio.

China Digital TV (NYSE: STV) reported higher first quarter earnings but the stock price fell.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by morethan 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 820.

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This page contains a single entry by published on May 17, 2011 1:48 PM.

Global Economic Recovery Concerns Sink Stocks was the previous entry in this blog.

Mixed Open Over Economic Concerns is the next entry in this blog.

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