Weak Jobs Report Sinks Stocks
A disappointingly weak May job creations report sent the markets down to a lower open with the Dow tumbling 105 points to 12,464. Nasdaq fell 13 points to 2821.
On the upside
Schneider Electric will pay approximately $1.36 billion to acquire information technology services firm Telvent (Nasdaq: TLVT).
Orexigen Therapeutics (Nasdaq: OREX) will provide a regulatory update for its obesity treatment Contrave before market open on Friday, June 3.
Sealed Air (NYSE: SEE) will acquire chemical cleaning company Diversey Holdings in a cash and stock deal valued at approximately $2.9 billion.
On the downside
Analysts downgraded Nokia (NYSE: NOK) after the mobile device maker warned yesterday that revenue will miss expectations by a wide margin.
American Superconductor (Nasdaq: AMSC) delayed filing its annual report as the company reviews revenue from customers in China.
Armour Residential REIT (NYSE: ARR) priced its public offering of 16 million common shares at $7.40 per share.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 845.
