Disappointing Factory Orders Weigh Down Markets

June 03, 2009 at 13:11 PM EDT

While factory orders rose in April, the increase fell short of expectations sending the Dow tumbling 109 points to 8630 at midday. Nasdaq dropped 22 points to 1814.

On the upside

TiVo (Nasdaq: TIVO) was awarded $103 million in a patent infringement case against Dish Network (Nasdaq: DISH).

Dynavax (Nasdaq: DVAX) reported upbeat Phase III results for its hepatitis B vaccine Heplisav.

Fourth quarter earnings for Bob Evans Farms (Nasdaq: BOBE) rose to beat expectations despite lower sales as the company cut expenses.

On the downside

JetBlue (Nasdaq: JBLU) announced plans to sell 20 million shares of common stock and $150 million in convertible debentures.
Tesoro (NYSE: TSO) priced its offering of $300 million in senior notes.
Hecla Mining (NYSE: HL) will raise $60 million through a private placement.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 519.