Earnings Concerns Weigh Down Markets

Earnings concerns along with an unexpected drop in retail sales sent the markets down to a lower close with the Dow tumbling 138 points to 7920. Nasdaq plunged 28 points to 1626.

On the upside

Rumors that the government may take a stake in General Motors (NYSE: GM) lifted shares of the beleagured automaker.

Shares of China GrenTech (Nasdaq: GRRF) rose ahead of its earnings release after market close.

Empire Resorts (Nasdaq: NYNY) confirmed that it engaged in discussions with the St. Regis Mohawk Tribe to explore the possible development of a Native American casino at the Monticello Raceway.

On the downside

First quarter earnings for Commerce Bancshares (Nasdaq: CBSH) plunged to fall far short of estimates as loan loss provisions soared.

MGIC Investment (NYSE: MTG) reported that chairman and chief executive Curt Culver received a 2008 compensation package that was 38% lower than the previous year.

Investors locked in profits on Synovus Financial (NYSE: SNV). Shares of the bank holding company climbed last week after an analyst initiated coverage with a Buy rating.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 15 points to 453.