Manufacturing Index Slips, Markets Extend Losses

The markets extended its losses during the midday with the Dow dropping 76 points to 14,763 as expansion of manufacturing activity slowed in April. Nasdaq fell 21 points to 3307.

On the upside

Synacor (Nasdaq: SYNC) expanded its partnership with Verizon to offer FiOS TV subscribers access to movies, cable programs and television shows from one online destination.

Shares of Regeneron Pharmaceuticals (Nasdaq: REGN) surged on news that rival Allergan (NYSE: AGN) may face delays in securing approval for its vision loss treatment Darpin.

Trulia (NYSE: TRLA) narrowed first quarter losses as revenue nearly doubled and forecast current quarter results ahead of estimates.

On the downside

Allergan (NYSE: AGN) warned that late-stage trials of its hair loss treatment Bimatoprost Scalp and its age-related macular degeneration drug Darpin must be delayed due to disappointing mid-stage results.

Manitowoc (NYSE: MTW) swung to a profit for the first quarter as revenue rose but the results fell short of analyst expectations.

SolarWinds (NYSE: SWI) reported higher first quarter earnings but the company forecast current quarter results below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 index dropped 9 points to 1588.

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