More Bad Loan At Spanish Banks, Markets Close Lower
Increasing bad loans at Spanish banks sparked further concerns about the European economy to weigh the markets down to a lower close with the Dow tumbling 82 points to 13,032. Nasdaq lost 11 points to 3031.
On the upside
Francesca's Holdings (Nasdaq: FRAN) priced its follow-on public offering of 9 million common shares at $27.60 per share and waived a lock-up restriction on common stock held by certain officers and directors.
Knology (Nasdaq: KNOL) will be sold to Wow Internet, Cable & Phone for approximately $750.5 million.
Halliburton (NYSE: HAL) impressed with higher first quarter earnings that topped analyst expectations as revenue soared.
On the downside
Argentina refused to pay the $9.3 billion that YPF (NYSE: YPF) majority shareholder Repsol demanded from the government for nationalizing the energy company.
Magnum Hunter Resources (NYSE: MHR) will pay approximately $311 million in cash to acquire Bakken/Three Forks Sanish properties in Williston Basin from Baytex Energy.
McEwen Mining (NYSE: MUX) announced first quarter production results from its 49% owned San Jose mine in Santa Cruz Province, Argentina and said that the renegotiation of refinery contracts delayed approximately 30% of sales.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 803.