Productivity Falls, Markets Open Lower

The nation's first quarter productivity fell at an annual rate of 1.7% to weigh the markets down to a lower open with the Dow losing 23 points to 16,377. Nasdaq plunged 51 points to 4,029.

On the upside

Electronic Arts (Nasdaq: EA) reported higher first quarter earnings that topped analyst estimates and announced plans to repurchase $750 million worth of stock.

Quantum Fuel Systems (Nasdaq: QTWW) announced strategic plans to service the heavy duty OEM market segment with natural gas storage systems.

ARRIS Group (Nasdaq: ARRS) reversed year ago losses to post a stronger than expected profit for the first quarter as revenue surged.

On the downside

Whole Foods Market (Nasdaq: WFM) disappointed with flat second quarter earnings that missed expectations and trimmed its full year earnings outlook prompting downgrades.

Groupon (Nasdaq: GRPN) widened first quarter losses even as revenue rose and forecast current quarter results below expectations prompting a downgrade.

FireEye (Nasdaq: FEYE) widened first quarter losses and forecast current quarter results that missed analyst estimates.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by more than 10 to 9 on Nasdaq. The broader S&P 500 lost 6 points to 1861. Bitcoin rose $9.81 or 2.25% to $435.90.

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