Manufacturing Activity Drops, Markets Extend Losses

The markets extended its losses during the midday with the Dow plummeting 192 points to 12,377 as manufacturing activity dropped in May. Nasdaq plunged 37 points to 2798.

On the upside

The Macau government reported a sharp 42.4% surge in gaming revenue in May lifting shares of Las Vegas Sands (NYSE: LVS).

The peer-reviewed Journal of Neonatal-Perinatal Medicine reported that premature infants with respiratory distress syndrome treated with Discovery Laboratories' (Nasdaq: DSCO) Survanta experienced a lower incidence of reintubation in a Phase 3 clinical trial.

Virtualization infrastructure software solutions company VMware (NYSE: VMW) acquired enterprise social collaboration solutions firm Socialcast for an undisclosed sum.

On the downside

Dollar General (NYSE: DG) reported higher first quarter earnings but the results fell short of analyst expectations.

Although first quarter earnings rose for Jos. A Bank Clothiers (Nasdaq: JOSB), the results missed expectations.

Regions Financial (NYSE: RF) introduced its Disaster Resource Center to assist customers facing financial impacts from disasters but the stock price fell.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 837.

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