Losses extended at midday

The markets extended its losses during the midday with the Dow crashing 270 points to 16,044. Nasdaq skidded 130 points to 4,555.

On the upside

FBR Capital upgraded Knowles (NYSE: KN) from an Underperform rating to a Market Perform rating.

Alcoa (NYSE: AA) will separate into two independent, publicly-traded companies.

On the downside

Shares of Aratana Therapeutics (Nasdaq: PETX) extended its losses.

SunEdison (NYSE: SUNE) completed three solar panel canopies in Fremont but the stock price fell.

Zacks Equity Research recommended selling Rite Aid (NYSE: RAD).

Freeport-McMoRan (NYSE: FCX) reported positive drilling results from its Horn Mountain Deep well in the Deepwater Gulf of Mexico but the stock price fell.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The broader S&P 500 slumped 43 points to 1,888. Bitcoin gained $4 to $237.