Mid-Day Report

Falling consumer confidence sent the markets tumbling during the midday with the Dow plunging 145 points to 12,708. Nasdaq dropped 24 points to 2464.

On the upside

Employers Holdings (Nasdaq: EIG) will pay approximately $196.5 million to acquire AmCOMP (Nasdaq: AMCP).

The Securities and Exchange Commission ended its informal inquiry into Usana Health Sciences' (Nasdaq: USNA) marketing practices and will take no action against the company.

Blackstone Group (NYSE: BX) may pay up to $930 million to purchase GSO Capital Partners.

On the downside

Cadence Pharmaceuticals (Nasdaq: CADX) reported that its intravenous pain treatment Acetavance failed a late stage clinical trial.

Opnext (Nasdaq: OPXT) warned that third quarter sales will fall short of expectations as demand declined.

RF Micro Devices (Nasdaq: RFMD) blamed weaker than expected demand for lowering its third quarter outlook.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 716.

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