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
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.