A disappointingly low number of new jobs in May along with an uptick in the nation's unemployment rate sent the markets down to a lower open with the Dow tumbling 100 points to 12,147. Nasdaq dropped 24 points to 2748.
On the upside
Goldman Sachs upgraded DryShips (Nasdaq: DRYS) to a Buy rating.
Tesla Motors (Nasdaq: TSLA) will raise capital through a follow-on offering of 5.3 million common shares priced at $28.76 per share.
GT Solar International (Nasdaq: SOLR) received a new $460.4 million contract to provide advanced sapphire crystallization furnaces to a client in China.
On the downside
Orexigen Therapeutics (Nasdaq: OREX) halted efforts to seek approval for the obesity treatment Contrave saying that The Food and Drug Adminstration's demands to study the cardiovascular risks associated with Contrave were too onerous.
Newell Rubbermaid (NYSE: NWL) blamed the weak economy for lowering its 2011 full year outlook and warning that its second quarter results will miss expectations.
The Securites and Exchange Commission subpoenaed American Tower (NYSE: AMT) for tax accounting related documents from 2007 to the present.
In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 811.
