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Rise In Unemployment Sends Markets Tumbling
Posted on June 01, 2012 at 10:39 AM EDT
The nation's unemployment rate rose to 8.2% in May to send the markets tumbling to a sharply lower open with the Dow slumping 204 points to 12,189. Nasdaq plummeted 55 points to 2771.
On the upside
First quarter earnings slipped for SAIC (NYSE: SAI) but the results topped analyst expectations.
Shares of Microvision (Nasdaq: MVIS) continued rising after announcing the receipt of $4 million in purchase orders from Pioneer yesterday.
On the downside
OmniVision (Nasdaq: OVTI) disappointed with sharply lower fourth quarter earnings that missed expectations as revenue fell.
Vera Bradley (Nasdaq: VRA) reported higher first quarter earnings and revenue but the women's accessories designer forecast current quarter results below analyst estimates.
The lock-up period for Groupon (NYSE: GRPN) insiders expired today.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 746.
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