Moody's Downgrades Five Spanish Regions, Markets Plunge
Moody's downgrade of five regions in Spain sent the markets tumbling to a sharply lower open with the Dow plummeting 235 points to 13,110. Nasdaq plunged 39 points to 2977. On the upside
Coach (NYSE: COH) reported higher first quarter earnings that topped analyst estimates as revenue rose. ARM Holdings (Nasdaq: ARMH) reported higher third quarter earnings as revenue climbed to surpass analyst expectations. Yahoo (Nasdaq: YHOO) reported higher third quarter earnings that beat analyst expectations. On the downside Third quarter earnings surged for Regions Financial (NYSE: RF) as loan loss provisions dropped but margins fell. Xerox (NYSE: XRX) reported lower third quarter earnings as revenue fell below analyst expectations and warned of a significant restructuring charge for the current quarter. DuPont (NYSE: DD) disappointed with sharply lower third quarter earnings and announced plans to eliminate 1,500 jobs. In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 11 points to 808.