Markets Extend Losses Over Further Banking Regulations

The markets extended its losses during the midday with the Dow tumbling 49 points to 10,340 as investors ponder the impact of further regulations of the banking industry. Nasdaq fell 17 points to 2248.

On the upside

International Game Technology (NYSE: IGT) reported higher first quarter earnings prompting an upgrade.

Electrobras (NYSE: EBR) agreed to pay overdue dividends of up to $5.65 billion.

Conexant (Nasdaq: CNXT) reversed year ago losses to post a better than expected profit for the first quarter and forecast current quarter results ahead of analyst estimates.

On the downside

Curis (Nasdaq: CRIS) will offer nearly 6.5 million units of stocks and warrants in order to raise approximately $16.3 million.

Synaptics (NYSE: SYNA) blamed a drop in sales for lower second quarter earnings.

Achillion Pharmaceuticals (Nasdaq: ACHN) will raise approximately $19.7 million through the offering of nearly 10.3 million common shares at a discount.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 629.

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