Greece May Default, Markets Close Lower


Concerns that Greece may default on its loans weighed the markets down to a lower close with the Dow falling 47 points 12,548. Nasdaq plunged 46 points to 2782.

On the upside

Top Image Systems (Nasdaq: TISA) launched new mobile banking solutions to include check deposits, utility payments and invoice payments.

CNinsure (Nasdaq: CISG) chairman and chief executive Yinan Hu offered to take the company private in a deal valued at approximately $953 million.

EnerNOC (Nasdaq: ENOC) expects revenue from its PJM demand response applications to exceed $275 million in 2014.

On the downside

Investors locked in profits on OxiGene (Nasdaq: OXGN) whose shares rose last week ahead of its earnings release Thursday after market close. 

Corrections Corporation of America (NYSE: CXW) increased its stock repurchase program by $100 million to $350 million.

Shares of Hypercom (NYSE: HYC) continued falling after the Justice Department filed suit on Friday to block VeriFone's acquisition of Hypercom.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 822.

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This page contains a single entry by published on May 16, 2011 1:34 PM.

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