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May 30, 2012 at 19:02 PM EDT
Euro Zone Concerns Sink Stocks
Euro zone concerns along with a surprise decline in pending home sales sent the markets tumbling to a sharply lower close with the Dow plummeting 160 points to 12,419. Nasdaq sank 33 points to 2837.
On the upside
Bargain hunters lifted shares of VeriFone Systems (NYSE: PAY).
Four clients extended their contracts with FuelCell Energy (Nasdaq: FCEL).
EnerSys (NYSE: ENS) reported sharply higher fourth quarter earnings.
On the downside
CRT Capital Group and UBS both downgraded Patriot Coal (NYSE: PCX).
A Seeking Alpha contributor wrote that EXCO Resources (NYSE: XCO) was a good stock to short.
Investors locked in profits of USG (NYSE: USG) whose stock price rose yesterday after Longbow upgraded building materials company.
In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 15 points to 762.
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