Disappointment that the nation's unemployment rate remained at 9.1% sent the markets tumbling to open sharply lower with the Dow plummeting 225
points to 11,263. Nasdaq plunged 47
points to
2498.
Finisar (Nasdaq: FNSR) reported lower first quarter earnings due to a one-time charge but the results topped analyst estimates.
Liz Claiborne (NYSE: LIZ) will sell its Mexx unit for $85 million plus an 18.75% stake in the joint venture acquiring the business.
Gramercy Capital (NYSE: GKK) settled $549.7 million senior and junior mezzanine loans.
On the downside
The New York Times reported that the Federal Housing Finance Agency will sue Bank of America (NYSE: BAC), Goldman Sachs (NYSE: GS) and JPMorgan Chase (NYSE: JPM) and other banks for misrepresenting mortgage securities that they sold.
Starz Entertainment will not renew its streaming contract with Netflix (Nasdaq: NFLX).
H&R Block (NYSE: HRB) widened first quarter losses more than expected as revenue fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 10 points to 698.
