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US Markets Loses Heavily, Financials Down, MSFT Drops

 June 01, 2011 05:51 PM

The U.S. stock indexes closed the first trading day of June on a disappointing mode as banks slashed their jobs outlook, giving rise to concerns that the country's economic recovery is losing steam. The market also was hit by the absence of any major corporate earnings.

The Dow Jones industrial average lost 2.23 percent, or 279.73 points, to close at 12,290.06. The Nasdaq composite index was down 2.33 percent, or 66.11 points, to end at 2,769.19. The Standard & Poor's 500 index fell 2.28 percent, or 30.65 points, to finish the day at 1,314.55. Among other major indices, the New York Stock Exchange composite index was down 2.31 percent, or 195.69, points to end at 8,281.59, and the American Stock Exchange composite index lost 1.79 percent, or 43.63 points, to close at 2,393.55.

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Microsoft Corp. (Nasdaq: MSFT) plans to restrict the number of computer hardware makers that can make tablets using its Windows operating system. Shares were down 2.32 percent, or 58 cents, to close at $24.43.

Dakatronics Inc. (Nasdaq: DAKT) recorded net income of $3 million, or 7 cents per share, in its Q4, reversing a net loss of $4.9 million, or 12 cents per share, a year earlier. During the quarter, revenue jumped 24 percent to $114.4 million from its previous $92 million. Shares gained 9.21 percent, or 99 cents, to close at $11.74.

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Nokia Corp. (NYSE: NOK) has denied reports that its partnership with Microsoft could lead to a takeover by the U.S. technology company. Shares of Nokia were down 4.70 percent, or 33 cents, to close at $6.69.

Alpha Natural Resources Inc. (NYSE: ANR) completed its $7.1 billion acquisition of Massey Energy Co. (NYSE: MEE). Shares of Alpha were down 2.54 percent, or $1.39, to close at $53.40, and Massey's shares fell 1.30 percent, or 86 cents, to end at $65.14.

ATA Inc. (Nasdaq: ATAI) registered net loss of RMB5.6 million Q4 FY2011, or RMB0.13 per common share, compared with a net loss of RMB38.1 million, or RMB0.86 per common share, a year earlier. Shares gained 11.09 percent, or $1.26, to close at $12.62.

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