Stocks Slump On Stimulus Slowdown

Concerns about tapering economic stimulus measures sent the markets into a tailspin with the Dow diving 353 points to 14,758. Nasdaq collapsed 78 points to 3391.

On the upside

On Track Innovations (Nasdaq: OTIV) received a favorable decision on claim construction in its patent infringement suit against T-Mobile.

Sprint Nextel (NYSE: S) increased its offer to purchase Clearwire (Nasdaq: CLWR) to $5 per share, topping Dish Network's $4.40 per share bid.

Repros Therapeutics (Nasdaq: RPRX) priced its public offering of 3.75 million common shares at $19 per share but the stock price rose.

On the downside

Shares of Wisdom Tree Investments (Nasdaq: WETF) continued falling after Citigroup downgraded the company on Tuesday.

ECOtality (Nasdaq: ECTY) closed its private placement of $8.2 million worth of common stock and warrants.

GOL Linhas Aereas (NYSE: GOL) reported a drop in revenue passenger kilometers for May.

In the broad market, declining issues outpaced advancers by a margin of more than 11 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The broader S&P 500 index plummeted 40 points to 1588.

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