On the downside
ViroPharma (Nasdaq: VPHM) announced plans to purchase Lev Pharmaceuticals in a cash and stock deal valued at approximately $617.5 million.
Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) extended their losses as investors continued to flee mortgage related stocks.
Oppenheimer analyst Meredith Whitney downgraded Wachovia (NYSE: WB) saying that the company will report losses for fiscal 2008 as well as 2009 and expects loan loss provisions for the second quarter to reach $9.5 billion.
In the broad market, declining issues outpaced advancers by a margin of more than 12 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 652.