Monday, May 23, 2011

Wall Street Slides On Eurozone Worries, Citigroup (NYSE: C) Slumps

US stocks finished lower on Monday as renewed worries about indebted euro zone spooked investors. 

The Dow Jones Industrial Average fell 130.78 points, or 1.05%, to finish at 12,381.26. The S&P 500 declined 15.90 points, or 1.19%, to close at 1,317.37. The Nasdaq Composite dropped 44.42 points, or 1.58%, to 2,758.90.

On Friday, international rating agency Fitch downgraded Greece's credit rating by three notches to "highly speculative," putting it in junk bond territory. In addition, Standard & Poor's cut Italy's outlook to 'negative' from 'stable.' 

Krispy Kreme Doughnuts Inc. (NYSE: KKD) reported Monday that fiscal first quarter profit rose to $9.17 million, or 13 cents a share, from $4.47 million, or 6 cents a share, in the year-earlier quarter. Revenue grew 14% to $104.6 million. Analysts, on average, expected earnings of 9 cents on revenue of $97 million. Shares of the company soared $1.65, or 25.78%, to $8.05.

Campbell Soup Co. (NYSE: CPB) said that its  fiscal third-quarter earnings climbed to $187 million, or 57 cents a share, from $168 million, or 49 cents a share, in the year-ago quarter. Revenue increased 0.6% to $1.81 billion. Shares of the company fell 29 cents, or 0.82%, to close at $34.95.

Shares of Citigroup, Inc. (NYSE: C) slumped 86 cents, or 2.10%, to close at $40.16.

European stocks closed down. The UK FTSE slipped 112.60 points, or 1.89% to 5,835.89. The German DAX and French CAC decreased 2% and 2.10% respectively.

Asian stocks finished lower. The Nikkei 225 fell 146.45 points, or 1.52%, to 9,460.63. The Hang Seng index of Hong Kong decreased 488.37 points, or 2.11%, to 22,711.02.

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