Market Wrap: Arrivederci Yahoo!'s, Hart; Dow's Case of the Mays; Disney Sparkles

May 8, 2012 5:59 PM EDT
Market wrap-up for May 8th

End of the Day: Dow Jones down 76.4 to 12,932.09; Nasdaq down 11.5 to 2,946.27; S&P 500 down 5.9 to 1,363.72

The following is a brief summary of events moving markets today:
  • Almost got it: Yahoo! (Nasdaq: YHOO) Director Patti Hart said she would be stepping down following the "edu-gate" scandal surrounding CEO Scott Thompson. Hart was responsible for the hiring of Thompson, overlooking credentials on his resume.

    Well, it's a start...

    For more on the saga, click here.

  • El cinco sink-o: The Dow Jones industrial average fell for a fifth straight session as news out of Greece continued to weigh on stocks. Although economic data in the U.S. markets had a nice run through April, "sell in May and go away" is still prevalent.

    After closing at 13,279.32 on May 1st, US stocks haven't had a winning session since, ending Tuesday down 0.6 percent.

  • It's a small world...with deeper pockets, apparently: Disney (NYSE: DIS) reported second-quarter EPS of 58 cents on revs of $9.63 billion, besting views calling for EPS of 55 cents and revs of $9.56 billion. For more color, click here.

  • Shares are off over 50 percent: reports today showed Green Mountain Coffee's (Nasdaq: GMCR) CEO Robert Stiller filed 144 paperwork to sell 5,000,000 shares. The sale is pursuant to a margin sell-out.

    The margin call comes following the plunge in the stock amid recent disappointing Q2 results and guidance.

    After the close, Green Mountain issued an official release announcing Stiller would be stripped of his Chairman role following the margin call.
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