Weak Manufacturing Data Sends Markets Plummeting


A greater than expected drop in the Institute for Supply Management's manufacturing index sent the markets plummeting to a sharply lower close with the Dow crashing 326 points to 15,372. Nasdaq plunged 106 points to 3996. 

On the upside 

Taser International (Nasdaq: TASR) will replace Consolidated Graphics (NYSE: CGX) in the S&P SmallCap 600 after market close tomorrow.

Herbalife (NYSE: HLF) raised its fourth quarter earnings outlook and increased its stock repurchase program by $500 million to $1.5 billion.

Shares of RadioShack (NYSE: RSH) climbed after airing a popular and well reviewed Super Bowl ad.

On the downside

Shares of InterMune (Nasdaq: ITMN) extended its losses. 

Investors locked in profits on SunPower (Nasdaq: SPWR).

Disappointing manufacturing data weighed down shares of coal producers Alpha Natural Resources (NYSE: ANR), James River Coal (Nasdaq: JRCC) and Walter Energy (NYSE: WLT).

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by nearly 7 to 1 on Nasdaq. The broader S&P 500 plummeted 40 points to 1741. Bitcoin eased $6.44 or 0.69% to $923.14.

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This page contains a single entry by published on February 3, 2014 1:58 PM.

Disappointing Manufacturing Activity Sinks Stocks was the previous entry in this blog.

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