Mid-Day Report
Concerns of further bank failures weighed down the markets during the midday with the Dow dropping 59 points to 11,042. Nasdaq tumbled 25 points to 2214.

On the upside

Cardiome Pharma (Nasdaq: CRME) reported positive results from a midstage clinical trial of its abnormal heart rhythm treatment vernakalant.

Canadian Solar (Nasdaq: CSIQ) raised its second quarter revenue outlook to surpass estimates.

Allegheny Technologies (NYSE: ATI) lifted its outlook for the second quarter due to a one-time tax gain.

On the downside

Goldman Sachs (Nasdaq: ZION) cited the higher cost of capital and the continuing credit crisis for downgrading Zions Bancorp and slashing its price target for the commercial bank.

Lehnman Brothers analyst Bruce Harting said that Washington Mutual (NYSE: WM) must increase it reserves by a substantial amount to cover loan losses through the second half of 2009.

Despite reassurances from National City (NYSE: NCC) that there is no unusual depositor activity, shares of the regional bank tumbled over solvency concerns.

In the broad market, declinig issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 663.

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