Markets Lower On Disappointing Jobs Data

The markets traded lower during the midday with the Dow losing 58 points to 12,190 as investors digested disappointingly weak employment data. Nasdaq fell 18 points to 2755.

On the upside

Quiksilver (NYSE: ZQK) swung to a loss for the second quarter but the results were better than expected.

A preliminary agreement for a new bailout package for Greece lifted shares of National Bank of Greece (NYSE: NBG).

The New York Times (NYSE: NYT) named Jill Abramson to the position of executive editor beginning September 6 replacing Bill Keller.

On the downside

ProLogis (NYSE: PLD) completed its merger with AMB Property.

Orexigen Therapeutics' (Nasdaq: OREX) announcement that it will halt the approval process in the United States for its obesity treatment Contrave weighed down shares of Vivus (Nasdaq: VVUS), which is developing its own weight loss drug Qnexa.

Shares of online employment solutions firm Monster Worldwide (NYSE: MWW) fell after the Labor Department reported that disappointingly few jobs were created in May and temporary work dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 7 points to 812.

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