NEW YORK (AP) - The Nasdaq 100 index tumbled in midday trading Friday after
data showed consumer confidence hovering at a low not seen since the 1980s, a
survey revealed many states are already in a recession and crude prices spiked
on news a U.S. ship fired on an Iranian vessel.
The index, which includes 100 of the largest nonfinancial securities listed
on the Nasdaq Stock Market, fell 23.43 points to 1,901.11 in midday trading. The
broader Nasdaq composite declined 28.53 points to 2,400.39.
The Reuters/University of Michigan consumer sentiment index registered 62.6
in April, down from 69.5 last month. A survey of all 50 state fiscal directors
showed most feel their states are in a recession. And light, sweet crude prices
hit $119.50 a barrel on the New York Mercantile Exchange after news a ship under
contract to the U.S. Defense Department fired warning shots at two Iranian
boats.
Shares of United Airlines parent UAL Corp. dropped 94 cents, or 6.1 percent,
to $14.46. The company raised nearly all of its domestic fares by 3 percent to 5
percent on Thursday.
Shares of Microsoft Corp. slid $2.04, or 6.4 percent, to $29.76 after sales
in the company's Windows and Office divisions slipped.
SanDisk Corp. shares fell $1.49, or 5.4 percent, to $26.29.
On the gaining side, shares of Baidu.com Inc. gained $20.94, or 6.1 percent,
to $362.94 after the Chinese search engine said first-quarter profit spiked 72
percent and revenue more than doubled.
Shares of Monster energy drink maker Hansen Natural Corp. added $1.77, or
5.6 percent, to $33.38 after the company said its board has approved a $200
million stock buyback.
Shares of Irish airline Ryanair Holdings PLC jumped $1.32, or 5.4 percent,
to $25.82.
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