Join        Login             Stock Quote

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.

[Related -Bank Stocks: The Misbegottenness of the Volcker Rule Truly Knows No Bounds]

Hot Stocks of the Day: MSFT, DAKT, NOK, ANR, MEE, ATAI

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.

[Related -Gold hasn’t lost its allure in my portfolio]

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.

Currency and Commodities

In the world currency market, the U.S.

Next Page >>12
iOnTheMarket Premium


Comments Closed

rss feed

Latest Stories

article imageWill The Sluggish US Housing Market Perk Up This Year?

Housing remains a weak spot for the US economy, as suggested by yesterday’s news of a bigger-than-expected read on...

article imageThe Only Homebuilders To Own Right Now

Now is the time to invest in the housing market, but you must be read on...

article imageUS Economic Growth Slows in Q4

US GDP growth fell short of expectations in last year’s fourth quarter, the government reports. National read on...

article imageReversals After a Gap on the Open Could Mean Anything

Yesterday stock indexes gapped up on the open but then reversed course to close sharply lower. This type of read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.