July 23, 2012 at 18:57 PM EDT
European Debt Crisis Weighs Down Markets
The ongoing debt crisis in Europe continued to weigh on investor sentiment sending the markets tumbling to a sharply lower close with the Dow plunging 101 points to 12,721. Nasdaq plummeted 35 points to 2890.
On the upside
German conglomerate Joh. A. Benckiser will take Peet's Coffee & Tea (Nasdaq: PEET) private in a deal valued at approximately $1 billion.
Moody's Investors Service downgraded Nokia's (NYSE: NOK) credit rating from Ba1 to Ba3 but the stock price rose.
Genesee & Wyoming will pay a premium of approximately $1.39 billion in cash to acquire rival RailAmerica (NYSE: RA).
On the downside
Shares of Micron Technology (Nasdaq: MU) fell after Nikkei reported that Toshiba will slash NAND flash memory production by 30%.
Analysts expect Sprint (NYSE: S) to report a loss for the second quarter on Thursday before market open.
Retreating gold and silver prices weighed down share of Freeport-McMoRan Copper & Gold (NYSE: FCX).
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 778.
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here