Surging oil prices along with slowing consumer spending sent the markets into a tailspin during the midday with the Dow plummeting 197points to 13,733. Nasdaq plunged 36 points to 2823.

On the upside

Plexus (Nasdaq: PLXS) posted fourth quarter earnings that surpassed expectations and forecast double digit growth for the next year.

First quarter earnings for Perrigo (Nasdaq: PRGO) more than doubled due to robust sales of products aimed at helping smokers quit smoking.

Southwestern Energy (NYSE: SWN) posted higher third quarter earnings.

On the downside

Although Crocs (Nasdaq: CROX) reported sharply higher third quarter earnings, the footwear maker forecast disappointing full year results.

Analyst downgraded Smith Micro Software (Nasdaq: SMSI) after the company posted sharply lower third quarter earnings.

Vanda Pharmaceuticals (Nasdaq: VNDA) will offer $100 million in convertible debt.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by a margin of more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 20 points to 808.