A drop in April consumer prices raised concerns about the economic recovery. The markets opened lower with the Dow plummeting 123 points to 10,387 while Nasdaq plunged 32 points to 2284.
On the upside
The Wall Street Journal reported that both Georgia Pacific and Rank Group joined Apollo Management in a bidding war for Pactive (NYSE: PTV).
Second quarter earnings for Analog Devices (NYSE: ADI) more than tripled to beat expectations as revenue soared and the chip maker forecast current quarter results ahead of estimates.
MGIC Investment (NYSE: MTG) wrote $800 million in new insurance in the month of April.
On the downside
While Chico's FAS (NYSE: CHS) reported first quarter earnings that more than doubled, investors were disappointed that the company merely met analyst expectations.
Bank of America (NYSE: BAC) will sell its $4.5 billion stake in Brazil's Itau Unibanco (NYSE: ITUB).
First quarter earnings for China Architectural Engineering (Nasdaq: CAEI) plunged as revenue sank.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 679.
