The early session drop was once again blamed on turmoil coming out of Europe, as the Greek government’s recently elected main-right center party was unable to form a coalition, sparking concerns that Greece might have to drop out of the eurozone. The move left Greece’s left-wing coalition — which is opposed to austerity as the means to close Greece’s debt gap — with three days to form a government.
The Dow ended down 0.59% at 12,932, led by a 2% loss in Bank of America (NYSE:BAC) which announced another round of job cuts. The Nasdaq fell 0.39% to 2,946 and the S& 500 finished lower by 0.43% to 1,363.
Fast-food news did little to improve Wall Street’s mood, as both Wendy‘s (NASDAQ:WEN) and McDonald’s (NYSE:MCD) both slumped on disappointing news. Wendy’s announced an increase in quarterly profits but still missed analyst estimates by a fraction, knocking WEN shares down 4%. Meanwhile, McDonald’s announced that same-store sales were up 3.33% for April, a big miss from the anticipated 4.3% mark, which led to MCD shares shedding 2%.
Cloud-computing giant Rackspace (NYSE:RAX) also missed the earnings mark, as increased costs led to an 17 cents per share earnings quarter, just 1 cent below analyst estimates, but enough for nervous tech investors sell the stock down nearly 9% on the day.
Walt Disney (NYSE:DIS) was up 2% in after-market trading following a solid earnings announcement after the bell. DIS reported second-quarter earnings of 63 cents, up 29% from the year-ago period.
- OfficeMax (NYSE:OMX): Up 11.1% (49 cents) to $4.89.
- Green Mountain Coffee Roasters (NASDAQ:GMCR): Up 11.5% ($2.08) to $26.38.
- Cognizant (NASDAQ:CTSH): Up 7.1% ($4) to $60.30.
- MAKO Surgical (NASDAQ:MAKO): Down 36.6% ($15.13) to $26.27.
- First Solar (NASDAQ:FSLR): Down 6.4% ($1.13) to $16.54.
- Blue Nile (NASDAQ:NILE): Down 6.1% ($1.78) to $27.28. (Read more about Blue Nile here).
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he did not hold a position in any of the aforementioned securities.