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U.S. Stocks Retreat On Greece Turmoil; Hot Stocks: SMG, OMX, EA, FOSL, RAX, MAKO, SNCR, WYNN

 May 08, 2012 04:35 PM
 


(By Balachander) U.S. stocks retreated as post-election political turmoil in Greece renewed worries over the debt crisis in Europe.

S&P 500 Index dropped 0.43 percent to finish at 1,363.72. The Dow Jones Industrial Average lost 0.59 percent to end at 12,932.09. The Nasdaq Composite Index declined 0.39 percent to close at 2,946.27.

Last weekend elections in Greece and France have renewed worries about Europe's ability to solve the region's debt crisis. In Greece, talks to form a coalition government failed, meaning the the country may have to face new elections.

Hot Stocks Of The Day: SMG, OMX, EA, FOSL, RAX, MAKO, SNCR, WYNN

In corporate news, Scotts Miracle-Gro Co. (NYSE:SMG) tumbled 16.1 percent after the provider of lawn and garden care products posted a decline in second-quarter earnings, as drop in margins and higher expenses offset growth in sales.

[Related -Wynn Resorts, Limited (WYNN): Strength in WYNN and the Parabolic Price Arc]

OfficeMax Inc. (NYSE:OMX) jumped 11.1 percent after the distributor of retail office products posted better-than-expected adjusted earnings for the first quarter. The company earned 23 cents on an adjusted basis, topping market expectations of 16 cents.

Fossil Inc. (NASDAQ:FOSL) slumped 37.9 percent after the designer of consumer fashion accessories guided second-quarter earnings below Street's view. For second quarter, the company expects earnings of $0.77 to $0.79 per share, while analysts expect $0.94 per share.

[Related -T-Mobile US Inc (NYSE:TMUS): AT&T Inc.(NYSE:T) Could Suffer In Wireless War]

Rackspace Hosting Inc. (NYSE:RAX) lost 8.9 percent after the provider of cloud computing services posted earnings that trailed analysts' estimates. The company earned 17 cents, versus consensus estimate of 18 cents a share.

Electronic Arts Inc. (NYSE:EA) fell 4.30 percent after the gaming software company guided first-quarter below Street's view. The company expects first quarter adjusted loss of $0.45 to $0.40 per share and adjusted revenue of about $500 million, while expectations are in for a loss of $0.33 per share on revenue of $577.91 million.

Wynn Resorts Ltd. (NASDAQ:WYNN) dropped 4.7 percent after the operator of destination casino resorts posted quarterly results that missed Wall Street's expectations.


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