May 01, 2013 at 18:36 PM EDT
Sharply Lower Close On Weak Data
Weak economic data sent the markets tumbling to a sharply lower close with the Dow plummeting 138 points to 14,700. Nasdaq dropped 29 points to 3299.
On the upside
James River Coal (Nasdaq: JRCC) widened first quarter losses but the results were better than expected.
First quarter earnings slipped for Western Union (NYSE: WU) but the results were better than expected.
On the downside
TheStreet Ratings downgraded Astex Pharmaceuticals (Nasdaq: ASTX) to a Hold rating from a Buy rating.
Entropic Communications (Nasdaq: ENTR) fell to a loss for the first quarter prompting a downgrade.
Regal Beloit (NYSE: RBC) reported higher first quarter earnings but the results fell short of expectations and the company forecast second quarter earnings below estimates.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by 7 to 2 on Nasdaq. The broader S&P 500 index tumbled 14 points to 1582.
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