The Federal Reserve's indication yesterday that it would not fund further stimulus measures sent the markets tumbling to a sharply lower close with the Dow sinking 124 points to 13,074. Nasdaq plummeted 45 points to 3068.

On the upside

Standard Pacific (NYSE: SPF) will report first quarter results on Monday, April 30, 2012 after market close.

A Seeking Alpha contributor wrote that investors expect Cleantech Solutions' (Nasdaq: CLNT) stock price to continue climbing.

PMC-Sierra (Nasdaq: PMCS) has engaged in talks for a possible sale of the company.

On the downside

Bernstein Liebhard filed a class action lawsuit against Hyperdynamics (NYSE: HDY) for securities violations.

Acuity Brands (NYSE: AYI) reported lower second quarter earnings that fell short of estimates as expenses climbed.

The Department of Health and Human Services will no longer fund the development of Cleveland BioLabs' (Nasdaq: CBLI) radiation countermeasure CBLB502.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 820.