Italian And Spanish Bond Yields Climb, Markets Open Lower
Posted on May 30, 2012 at 10:33 AM EDT
The markets opened sharply lower with the Dow plunging 130 points to 12,450 as bond yields climbed in Italy and Spain. Nasdaq plummeted 33 points to 2837.
On the upside
Neonade (Nasdaq: NEON) will present at Cowen & Co.'s 40th Annual Technology, Media and Telecom Conference this afternoon in New York.
Monsanto (NYSE: MON) raised its earnings outlook for fiscal 2012 due to strong sales.
A Seeking Alpha contributor listed Vishay Technology (Nasdaq: VSH) as one of four undervalued small cap stocks with a large reserve of cash.
On the downside
Private equity firm Gores Group cancelled a $791 million offer to acquire Pep Boys Manny, Moe & Jack (NYSE: PBY).
Research in Motion (Nasdaq: RIMM) warned of losses for the first quarter and announced that it retained the services of JPMorgan and RBC Capital to explore strategic options.
Tata Motors (NYSE: TTM) reported sharply higher fourth quarter earnings but operating margin in its UK unit fell sequentially.
In the broad market, declining issues outpaced advancers by a margin of nearly 8 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 766.
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