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Weak Jobs Data Weighs Down Markets
Posted on May 04, 2012 at 10:41 AM EDT
Employers added fewer jobs than expected in April to weigh the markets down to a lower open with the Dow plunging 105 points to 13,101. Nasdaq plummeted 44 points to 2980.
On the upside
LinkedIn (NYSE: LNKD) reported sharply higher first quarter earnings that more than doubled as revenue surged and announced the acquisition of SlideShare.
First quarter earnings for Spreadtrum Communications (Nasdaq: SPRD) slipped but the results beat analyst expectations and the company forecast current quarter revenue above estimates.
On the downside
Synergy Pharmaceuticals (Nasdaq: SGYP) priced its public offering of 10 million common shares at the discounted price of $4.50 per share.
Piper Jaffray downgraded Body Central (Nasdaq: BODY) to a Neutral rating.
American International Group (NYSE: AIG) reported sharply higher first quarter earnings but the stock price fell as analysts remained cautious about the insurer's recovery.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 796.
American International Group, Inc. BODY CENTRAL DigitalGlobe, Inc. Dow Jones Industrial Average Dow Jones Industrial Average (EOD) LinkedIn NYSE COMPOSITE INDX Russell 1000 Index Russell 2000 Russell 3000 Index SPREADTRUM COMMUNICATIONS,INC. AMERICAN DEPOSITORY SHARES SYNERGY PHARMA Standard & Poors 500
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