Weak Economic Data Sends Markets Tumbling To Sharply Lower Close
Rising jobless applications and higher inflation amidst weak manufacturing activity sparked a sell-off to send the markets tumbling to a sharply lower close with the Dow crashing 419
points to 10,990. Nasdaq collapsed 131
points to
2380.
On the upside
Casual Male Retail Group (Nasdaq: CMRG) reported higher second quarter earnings that topped analyst estimates as revenue rose.On the downside
Billionaire investor Kirk Kerkorian's Tracinda investment firm sold 20 million shares of MGM Resorts International (NYSE: MGM).
Gentium (Nasdaq: GENT) withdrew its new drug application for the veno-occlusive disease treatment Defibrotide over concerns about the quality of the datasets and databases for the clinical trials prompting a downgrade.
Shares of Tudou Holdings (Nasdaq: TUDO) continued falling after a very disappointing initial public offering yesterday.
Aeroflex Holding (NYSE: ARX) swung to a fourth quarter loss and forecast current quarter results below estimates.
Second quarter earnings for Stage Stores (NYSE: SSI) slipped to fall short of expectations and the company warned that third quarter losses will be wider than expected.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 41 points to 662.
