Market Update

May 03, 2012 at 10:45 AM EDT
Disappointing Same Store Sales Weigh Down Markets

Same store sales rose less than expected in April to weigh the markets down to a lower open with the Dow losing 48 points to 13,220. Nasdaq fell 14 points to 3044.

On the upside

Dutch manufacturer Royal DSM will pay approximately $360 million in cash to acquire Kensey Nash (Nasdaq: KNSY).


First quarter earnings fell for Walter Energy (NYSE: WLT) but metallurgical coal production climbed to a record high of 3 million metric tons.

ION Geophysical (NYSE: IO) reported higher first quarter earnings and revenue.


On the downside


Green Mountain Coffee Roasters (Nasdaq: GMCR) reported higher second quarter earnings and revenue but the company cut its full year guidance.


Hersha Hospitality Trust (NYSE: HT) priced its public offering of 24 million common shares at $5.60 per share.

KIT digital (Nasdaq: KITD) warned that first quarter earnings and revenue will fall short of expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 813.

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