Despite Upbeat Economic Data, Markets Tumble

Despite a better than expected jobs report and upbeat retail sales, the markets tumbled during the midday with the Dow dropping 78 points to 8433. Nasdaq tumbled 32 points to 1726.

On the upside

THQ (Nasdaq: THQI) blamed restructuring costs and lower sales for widening fourth quarter losses but revenue topped estiamtes prompting an upgrade.

KBR Capital Markets analyst David Konrad upgraded Fifth Third Bancorp (Nasdaq: FITB) and raised his price target for the regional bank saying that it should be able to raise the necessary capital to satisfy the government's stress test.

Goldman Sachs upgraded Capital One (NYSE: COF) citing the bank's valuation.

On the downside

Hot Topic (Nasdaq: HOTT) disappointed with April same store sales that fell short of expectations.

US Airways (NYSE: LCC) will issue 15.2 million shares of common stock and $75 million of convertible senior notes in order to raise $150 million.

USEC (NYSE: USU) swung to a loss for the first quarter even as revenue climbed.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 500.