Sharply Lower Open Over Disappointing Job Numbers

Disappointing March job creation numbers sent the markets tumbling to a sharply lower open with the Dow plummeting 131 points to 12,929. Nasdaq plunged 38 points to 3042.

On the upside

AOL (NYSE: AOL) will sell over 800 patents to Microsoft (Nasdaq: MSFT) and grant licenses for all remaining patents for approximately $1.06 billion in cash.

A Seeking Alpha contributor noted that Shengkai Innovations (Nasdaq: VALV) was one of four Chinese micro-cap stocks with much momentum last week.


Molycorp (NYSE: MCP) announced that its proven and probable reserves of rare earth minerals at its Mountain Pass, California facility have increased by 36%.


On the downside


RBC Capital Markets downgraded InterMune (Nasdaq: ITMN) to a Sector Perform rating and lowered its price target from $23 to $17.


The state of Ohio selected competitors of Molina Healthcare (NYSE: MOH) to administer its Medicaid program.

McMoRan Exploration (NYSE: MMR) announced that it was unable to obtain a measurable flow rate from it Wilcox "D" sand.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 804.

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