Sharply Lower Close Over Debt And Earnings Concerns

Disappointing earnings from Oracle along with concerns about European debt sent the markets tumbling to a sharply lower close with the Dow plunging 90 points to 14,421. Nasdaq dropped 31 points to 3222.

On the upside

Shares of Enanta Pharmaceuticals (Nasdaq: ENTA) leaped in its market debut.

Bargain hunters lifted shares of Harvest Natural Resources (NYSE: HNR), whose stock price has tumbled since announcing accounting errors on Tuesday that may force the company to restate financials going back to 2010.

Herman Miller (Nasdaq: MLHR) reported higher third quarter earnings that beat expectations as revenue rose.

On the downside

Cimatron (Nasdaq: CIMT) priced its secondary public offering of 2.5 million common shares at the discounted price of $5.25 per share.

Shares of Dex One (NYSE: DEXO) continued falling after filing for Chapter 11 bankruptcy protection on Monday.

Movado Group (NYSE: MOV) reported lower fourth quarter earnings and forecast 2014 earnings below expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 index dropped 12 points to 1545.

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