Spain Worries Weigh Down Stocks
Fears that Spain may need additional bailout funds sent the markets tumbling during the midday with the Dow plummeting 124 points to 12,698. Nasdaq plunged 41 points to 2883.
On the upside
The Paragon Report issued an equity research report on Peregrine Pharmaceuticals (Nasdaq: PPHM) last week saying that shares of the biotechnology firm would continue soaring for the rest of the year.
Bargain hunters lifted shares of Arena Pharmaceuticals (Nasdaq: ARNA), whose stock price fell last week when the Food and Drug Administration approved Vivus' (Nasdaq: VVUS) competing obesity treatment Qsymia.
Eaton (NYSE: ETN) reported higher second quarter earnings even as revenue slipped.
On the downside
Teen apparel retailer Wet Seal (Nasdaq: WTSLA) fired chief executive Susan McGalla citing declining sales.
PetMed Express (Nasdaq: PETS) reported lower first quarter earnings and revenue that fell short of analyst expectations.
Deutsche Bank downgraded Akorn (Nasdaq: AKRX) to a Hold rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 779.
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