Earnings concerns weighed down the markets to a sharply lower close with the Dow plunging 237 points to 11,147. Nasdaq plummeted 60 points to 2235.

On the upside

MercadoLibre (Nasdaq: MELI) chief executive announced that a prearranged trading plan has been terminated.

Circor International (NYSE: CIR) upbeat sales at its energy and thermal fluids buisness for raising its second quarter guidance.

Shares of Schering-Plough (NYSE: SGP) rose after an analyst speculated that additional clinical data to be released for its cholesterol treatment Vytorin will be neutral or positive.

On the downside

Hansen Natural (Nasdaq: HANS) warned that convenience store sales are softening.

Renewed concerns that Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) must raise additional capital sent shares of the mortgage finance companies tumbling.

Lehman Brothesr downgraded Tronox (NYSE: TRX) saying that expenses for process chemicals as well as transportation and energy costs are surging.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks skidded 19 points to 664.