Stocks Open Lower as Job Losses Mount in May

June 03, 2009 at 10:00 AM EDT

Employment decreased by 532,000 in May compared to a drop of 545,000 in April, according to the latest ADP National Employment Report. Investors took a pause from the 4-day rally sending the Dow down more than 50 points to 8689. Nasdaq lost 15 points to 1820.

On the upside

Shares of Antigenics (Nasdaq: AGEN) soared after the drug research company reported positive results for its treatment of patients with kidney cancer.

An analyst upgraded Hub Group (Nasdaq: HUBG), a freight delivery service provider in North America.

On the downside

Valero Energy (NYSE: VLO) announced a public offering of 40 million common shares. Meanwhile, the company lowered guidance to a likely 2nd quarter loss.
AIG (NYSE: AIG) announced the sale of its New York headquarters and a nearby building. The federal government owns 80% of the beleaguered insurer.
An analyst downgraded Pacer International (Nasdaq: PACR), a freight delivery service in North America.
An analyst upgrade of Wynn Resorts (Nasdaq: WYNN) failed to lift its shares.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 6 points to 520.