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Job Creation Slows, Markets Plummet
Posted on May 04, 2012 at 17:29 PM EDT
A slowdown in job creation renewed concerns about the economic recovery to send the markets tumbling to a sharply lower close with the Dow sinking 168 points to 13,038. Nasdaq collapsed 67 points to 2956.
On the upside
Power Integrations (Nasdaq: POWI) reported lower first quarter earnings and revenue but the results surpassed analyst expectations and the company forecast second quarter revenue ahead of estimates.
Bargain hunters lifted shares of KIT digital (Nasdaq: KITD) whose stock price dropped yesterday after the company lowered its first quarter guidance.
Mohawk Industries (NYSE: MHK) impressed with sharply higher first quarter earnings that beat analyst estimates and the company forecast second quarter income above expectations.
On the downside
Sapient (Nasdaq: SAPE) reported lower first quarter earnings even as revenue rose.
Manitowoc (NYSE: MTW) swung to a first quarter profit but the results fell short of expectations.
Bebe Stores (Nasdaq: BEBE) narrowed third quarter losses more than expected but the women's apparel retailer forecast current quarter earnings below analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 792.
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