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Fears Of Weak European Economy Sink Stocks
Thursday February 04, 2010 - 15:34 PM EST
Fears about weakening economic conditions in Europe sent the markets into a tailspin with the Dow collapsing 268 points to 10,002. Nasdaq plummeted 65 points to 2125.
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Fears about weakening economic conditions in Europe sent the markets into a tailspin with the Dow collapsing 268 points to 10,002. Nasdaq plummeted 65 points to 2125.
On the upside THQ (Nasdaq: THQI) reversed year ago losses to post a third quarter profit and forecast fourth quarter results ahead of estimates. Kulicke & Soffa Industries (Nasdaq: KLIC) reported first quarter results that surpassed expectations by a wide margin and forecast second quarter revenue above estimates. Third quarter earnings nearly doubled for 99 Cents Only Stores (NYSE: NDN). On the downside Penn National Gaming (Nasdaq: PENN) narrowed fourth quarter losses but forecast first quarter and full year results below expectations. Caisse de Depot sold over $10 million worth of Patriot Coal (NYSE: PCX) stock. Standard Pacific (NYSE: SPF) posted profit for the fourth quarter but revenue fell. In the broad market, declining issues outpaced advancers by a margin of nearly 8 to 1 on the NYSE and by a margin of nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 589.
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