It was a day of excitement in the markets as Google Inc(NASDAQ:GOOG) earnings were release ahead of scheduled during market hours and it was finally found to have been erroneously released by its filing agent R R Donnelley.
The figures released were much below expectations and Google Inc(NASDAQ:GOOG) shares plunged more than 8 percent dragging down the tech sector and the market with it.
Trading in Google shares was stopped at 12.50 pm after the stock fell 10.5 percent and then trading was resumed at 3.20 pm.
Tech stocks were the biggest lowers in Wall Street on Thursday with the S&P 500 information technology index losing 1.53 percent. Shares of IBM, which disappointed investors a day earlier, lost 2.8 percent to close at $194.96 and pull the Dow lower.
The Dow Jones Industrial Average (INDEXDJX:.DJI) dipped 8.06 points, or 0.06 percent, to close at 13,548.94. The S&P 500(INDEXSP:.INX) shed 3.57 points, or 0.24 percent, to 1,457.34. the NASDAQ Composite (INDEXNASDAQ:.IXIC) fell 31.26 points, or 1.01 percent, to end at 3,072.87.
The day's declines snapped the S&P 500's three-day string of gains, which had pushed the benchmark index up 2.3 percent through Wednesday's close.
Among the Dow constituents Verizon Communications Inc.(NYSE:VZ) and The Travelers Companies, Inc.(NYSE:TRV) bucked the trend.
Travelers gained 3.6 percent to $73.94 and gave the biggest boost to the Dow after the U.S. property and casualty insurance company posted record operating earnings.
Verizon Communications rose 2.4 percent to $45.78 after the company reported a record quarterly profit.
Higher than expected jobless claims data, released on Thursday, also weighed on the market. Weekly jobless claims rose to 388,000 - or 32,000 more than analysts expected.
After hours, Microsoft Corporation(NASDAQ:MSFT)’s 22 percent dip in earnings further battered sentiments among tech stocks. Shares of the company fell 2.15% in extended hours.
A123 Systems, Inc.(NASDAQ:AONE) shares rebounded about 37% after slumping 80% in the past couple of trading sessions.
Is It The Right Time To Buy AONE? Find Out Here
A123 Systems, Inc, electric car battery maker, which filed for bankruptcy this week, has been held up by Republicans as a failure of the economic policies of the Obama Administration.
MannKind Corporation(NASDAQ:MNKD) shares slumped over 24% on news that that the company is planning to make a public offering of stocks and warrants, the company said on Wednesday.
The company said that it intended to offer common shares and warrants to purchase common shares in the underwritten offering.
Nokia Corporation (ADR)(NYSE:NOK) plunged 4.76%. The company surprised analysts, investors and tech watchers by reporting a smaller-than-expected loss in the third quarter and surpassing all revenue margin forecasts.
Will NOK Hit $5 This Year? Find Out Here
The Finnish handset make which is making a bid to recapture its former glory in the mobile handset market, reported a loss of 0.07 euros a share compared to a profit of 0.03 euros in the year-ago period.
Sirius XM Radio Inc(NASDAQ:SIRI) was the notable winner and jumped 3.70% to $2.94 and made another multi year high of $2.97. The stock has gained over 21% in the past one month as analysts are bullish on the company’s business.
Pfizer Inc.(NYSE:PFE) continued to trade higher for the 5th consecutive session and made a new high of $26.09, before closing up 0.75% at $26.03.