Mid-Day Report

Surging crude oil prices sent the markets tumbling during the midday with the Dow plunging 113 points to 12,753. Nasdaq fell 12 points to 2439.

On the upside

Wedbush Morgan Securities analyst Jeff Mintz upgraded True Religion Apparel (Nasdaq: TRLG) after the company reported higher first quarter earnings and lifted its 2008 outlook.

Darling International (NYSE: DAR) reported first quarter earnings that more than doubled to surpass estimates.

RealNetworks (Nasdaq: RNK) reported lower first quarter earnings but the results beat expectations. Results from last year included a $60.7 million settlement from Microsoft.

On the downside

Mylan (NYSE: MYL) blamed a significant noncash goodwill impairment charge for widening first quarter losses.

Swiss drug maker Schweizerhall expects to receive approval for its generic version of Sanofi-Aventis' (NYSE: SNY) anti-clotting medication Plavix and plans to begin selling the drug in June.

Deutsche Bank analyst Paul Sankey cut his price target for oil refiner Tesoro (NYSE: TSO) and reaffirmed his Sell rating citing record oil prices.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 718.

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