Rebounding oil prices sent the markets tumbling during the midday with the Dow plummeting 146 points to 11,917. Nasdaq skidded 46 points to 2416.

On the upside

Shares of Huntington Bancshares (Nasdaq: HBAN) rose even though the bank warned that its provision for credit losses will most likely be higher in the second quarter than in the first quarter.

William Blair upgraded ITT Educational Services (NYSE: ESI).

ShengdaTech (Nasdaq: SDTH) announced plans to purchase nitrogenous fertilizer company Jinan Fertilizer and to move its chemical operations to Jinan's facilities.

On the downside

Medis Technologies (Nasdaq: MDTL) plans to raise $29 million through the offering of common stock as well as five year warrants to purchase common stock.

Sohu.com (Nasdaq: SOHU) warned that advertising revenue growth will slow after the Beijing Olympics.

MF Global (NYSE: MF) announced the pricing of its convertible senior notes and its convertible preference shares.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 15 points to 723.