May 23, 2008 at 19:19 PM EDT
Closing Bell Report

Rising crude oil prices and falling home sales sent the markets tumbling to close sharply lower with the Dow plunging 146 points to 12,480. Nasdaq dropped 20 points to 2445.

On the upside

Vivus (Nasdaq: VVUS) reported positive results from a mid-stage trial of its obesity medication to treat diabetes patients.

Angelica (NYSE: AGL) agreed to be acquired by an affiliate of Lehman Brothers (Nasdaq: LEH) in an all cash deal valued at approximately $209.7 million.

Fourth quarter earnings for IXYS (Nasdaq: IXYS) more than quadrupled as demand for renewable energy resources climbed.

On the downside

Universal (NYSE: UVV) blamed smaller crops and reduced overseas shipments for sharply lower fourth quarter earnings.

Longbow downgraded Del Monte Foods (NYSE: DLM).

To help offset the cost of higher fuel expenses, US Airways Group (NYSE: LCC) will stop offering free snacks on all domestic flights beginning on June 1.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by 11 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 9 points to 724.
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