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.
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