Nasdaq chief executive, Robert Greifeld, calls the trend "obviously disappointing," and says, "we clearly have to do a better job."
However, there’s a little more good news, the decline was better than expected and Nasdaq managed to beat the Street by a penny.
Part of the weakness stems from the fact that there have been far fewer IPOs in this environment. However, there are now 98 initial public offering applications in Nasdaq queue, Greifeld says, which could bode well going forward. Still, analysts see their current losses as worrisome.
To see our full interview with Robert Greifeld, including his thoughts on the bank stress tests please watch the video above.
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Trader disclosure: On May 7th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (F), (TX); Seygem Asset Management Is Short (DVN); Finerman's Firm Owns (CSCO); Finerman's Firm And Finerman Own (BAC) Preferred Shares And Are Short (BAC); Finerman's Firm Owns (C) Preferred Shares And Is Short (C); Finerman's Firm Owns (MSFT) And Owns (MSFT) Put Spreads; Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (IJR),(MDY) (SPY), (IWM), (USO), (BBT)
Terranova Owns (GENZ), (ABT), (XBI); Terranova Is Long (DIS) Call Spreads; Terranova Is Short June Crude Oil; Terranova Is Short (JPM), (WYNN), (X), (MS), (JOYG), (HES), (BRCM), (POT); Terranova Is Short (IBM) Call; Terranova Is Short (XOM) Call Spreads
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (CAL), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (CLB), (WBMD): Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co: Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights
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