On the upside
StemCells (Nasdaq: STEM) advanced again after reporting positive results from an Alzheimer's disease study on Tuesday.
The European Medicines Agency's Committee for Medical Products for Human Use recommended approval for Astex Pharmaceuticals' (Nasdaq: ASTX) secondary acute myeloid leukemia treatment Dacogen.
On the downside
Xerox (NYSE: XRX) reported lower second quarter earnings and revenue and cut its earnings guidance for the full year.
A surge in borrowing costs for Spain weighed down shares of Banco Bilbao (NYSE: BBVA).
Rambus (Nasdaq: RMBS) widened second quarter losses as revenue fell.
In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 10 points to 791.