Markets Plunge On Disappointing Earnings

Disappointing earnings sent the market tumbling to a sharply lower open with the Dow plunging 107 points to 14,916. Nasdaq lost 10 points to 3391.

On the upside

The European Medicines Agency Committee for Medicinal Products for Human Use recommended that Dendreon's (Nasdaq: DNDN) prostate cancer treatment Provenge be granted marketing authorization in the European Union.

The Securities and Exchange Commission completed an investigation into Molycorp's (NYSE: MCP) public disclosures and recommended no enforcement action.

JetBlue Airways (Nasdaq: JBLU) introduced daily nonstop flights between Fort Lauderdale to San Jose, Costa Rica.

On the downside

BlackBerry (Nasdaq: BBRY) disappointed with an unexpected loss for the first quarter as the company shipped fewer smartphones than analysts expected and warned of losses for the current quarter.

Accenture (NYSE: ACN) reported higher third quarter earnings but revenue fell short of analyst expectations and the consulting firm cut its full year revenue outlook.

Profit taking weighed down shares of Arena Pharmaceuticals (Nasdaq: ARNA).

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE by more than 5 to 3 on Nasdaq. The broader S&P 500 index fell 8 points to 1605.

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