Chinese Banking Crisis Sinks Stocks

Concerns about the Chinese banking system sent the markets tumbling to a sharply lower open with the Dow slumping 217 points to 14,581. Nasdaq plummeted 51 points to 3305.

On the upside

Tenet Healthcare (NYSE: THC) will pay a premium of approximately $1.73 billion to acquire Vanguard Health Systems (NYSE: VHS).

STEC (Nasdaq: STEC) will be acquired by Western Digital (Nasdaq: WDC) in an all cash deal of approximately $340 million.

Isis Pharmaceuticals (Nasdaq: ISIS) reported positive results from a Phase 2 study of its high triglyceride and type 2 diabetes treatment ISIS-APOIII Rx.

On the downside

Investors locked in profits on Cytokinetics (Nasdaq: CYTK).

Andy Tian, the head of Zynga's (Nasdaq: ZNGA) China operations, will depart the company at the end of June.

Deutsche Bank downgraded Allergan (NYSE: AGN) from a Buy rating to a Hold rating and lowered its price target from $113 to $98.

In the broad market, declining issues outpaced advancers by a margin of more than 13 to 1 on the NYSE by more than 7 to 1 on Nasdaq. The broader S&P 500 index plunged 26 points to 1566.

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