Mid-Day Report

Earnings concerns sent the markets lower during the midday with the Dow tumbling 84 points to 12,493. Nasdaq plunged 26 points to 2322.

On the upside

Cardiac equipment maker EP MedSystems (Nasdaq: EPMD) agreed to by acquired by St. Jude Medical (NYSE: STJ) in cash and stock deal valued at approximately $92.1 million.

Websense (Nasdaq: WBSN) reaffirmed its outlook for 2008 and said that first quarter results will surpass analyst estimates.

Boeing (NYSE: BA) announced yet another delay to its more fuel-efficient 787 jetliner due to problems with its supply chain but the stock price climbed.

On the downside

Convenience store operator The Pantry (Nasdaq: PTRY) warned of second quarter losses as gas and merchandise sales dropped.

The Venezuelan government confirmed rumors that it will nationalize Ternium Sidor (NYSE: TX), the country's largest steel maker .

AMR (NYSE: AMR) canceled 850 American Airlines flights in order to inspect the wiring of its mid-range planes MD-80.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 705.

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