The resignation of Apple CEO Steve Jobs shocked the investment community sending the markets to a sharply lower open with the Dow plunging 155
points to 11,165. Nasdaq plummeted 38
points to
2429.
On the upside
Billionaire investor Warren Buffet will acquire 50,000 shares of Bank of America (NYSE: BAC) cumulative preferred stock for $5 billion saying that the bank is under strong leadership.TiVo (Nasdaq: TIVO) widened second quarter losses as expenses climbed but the results were better than expected.
After swinging to a third quarter loss, footwear retailer Collective Brands (NYSE: PSS) announced the closure of 475 stores and retained the services of Perella Weinberg Partners and Kurt Salmon to explore strategic alternatives to increase shareholder value.
On the downside
Brown Shoe (NYSE: BWS) disappointed by swinging to a wider than expected loss for the second quarter and cut its full year guidance.
Sigma Designs (Nasdaq: SIGM) swung to a loss for the the second quarter as revenue tumbled.
Patterson Companies (Nasdaq: PDCO) reported lower first quarter earnings.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 683.
