Stocks Fall on Weak Payrolls Report and Hewlett-Packard Chairman Resigns
NEW YORK, April 8, 2013 /PRNewswire/ --
Major indexes were down more than 1% on Friday after a report revealed that 88,000 jobs were added in March, significantly less than the forecast of 200,000 that was expected. Hewlett-Packard Co. Chairman Ray Lane has stepped down and activist investor, fellow board member, Ralph Whitworth will be his replacement until someone permanently steps in.
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NII Holdings Inc. (Nasdaq: NIHD) - Shares of NIHD saw a pop on Friday after the Company confirmed rumors that it was selling its stake in Nextel Peru for $400 million to Empresa Nacional de Telecomunicaciones S.A. The deal is expected to close during the second half of the year. The stock closed at $5.48, up 20.70% on Friday.
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F5 Networks, Inc. (Nasdaq: FFIV) - F5 Networks sank to a new 52-week low of $71.95 on Friday after announcing preliminary second quarter results that were significantly below analysts' expectations late Thursday. The Company blamed lower guidance primarily on disappointing results from its North American business. Shares of FFIV closed at $73.21 on Friday, down 19.03%.
Delta Air Lines Inc. (NYSE: DAL) - Shares of Delta Air Lines closed down 2.44% on Friday. The company has launched a suit on Wednesday against the United States Export-Import Bank to block loan guarantees being advanced to certain foreign airline firms for purchasing wide-body aircraft manufactured by The Boeing Company. According to the complaint, the bank violated the law by approving the guarantees "without any consideration of plaintiffs' comments and the adverse effects on U.S. industry and employment."
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Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) - Rigel Pharmaceuticals dipped to a new 52-week low of $4.48 on Friday. Though the Company has no products on the market, it has an experimental rheumatoid arthritis medicine being developed with AstraZeneca Plc. The medicine showed mixed results in a trial and failed to meet one of the end goals of a late-stage clinical trial.
Radware Ltd. (Nasdaq: RDWR) - Radware shares sank as much as 25% on Friday but also saw a big boost in trading volume after lowering its first-quarter earnings and revenue forecasts due to weaker-than-expected sales.
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