Earnings disappoint, markets plunge

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Disappointing earnings sent the markets tumbling to a sharply lower open with Dow plunging 115 points to 17,913. Nasdaq plummeted 47 points to 4,975.

On the upside

Glu Mobile (Nasdaq: GLUU) reported higher first quarter earnings and revenue, entered an exclusive partnership with Britney Spears and announced that Tencent Holdings will take a 15% stake in the company.

ClickSoftware Technologies (Nasdaq: CKSW) will  be taken private by Francisco Partners Management for approximately $438 million in cash.

Civeo (NYSE: CVEO) fell to a loss for the first quarter on lower revenue but the stock price rose.

On the downside

Yelp (NYSE: YELP) reported an unexpected loss for the first quarter and forecast current quarter revenue below estimates.

Pacira Pharmaceuticals (Nasdaq: PCRX) swung to a profit for the first quarter but revenue fell short of expectations.

STMicroelectronics (NYSE: STM) reported a loss for the first quarter as revenue fell.
 
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 14 points to 2092. Bitcoin rose $8 to $235.

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This page contains a single entry by published on April 30, 2015 6:40 AM.

Lower close despite Fed's downgrade of economic outlook was the previous entry in this blog.

Jobless claims drop but markets fall on earnings concerns is the next entry in this blog.

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