European Debt Deal Falls Short, Markets Tumble

Concerns that last week's European deal fails to address underlying problems sent the markets tumbling to a sharply lower open with the Dow plummeting 168 points to 12,015. Nasdaq sank 49 points to 2597.

On the upside

The Food and Drug Administration approved a crush-resistant formula of Endo Pharmaceuticals' (Nasdaq: ENDP) Opana ER.


OXiGENE (Nasdaq: OXGN) partnered with Azanta Danmark to provide ZYBRESTAT to anaplastic thyroid cancer patients in Europe and Canada.

US Airways Group (NYSE: LCC) will allow active duty military personnel board first.

On the downside


Diamond Foods (Nasdaq: DMND) must delay filing its first quarter financial report due to an audit investigation in the accounting of certain crop payments to walnut growers.


Shares of Pandora Media (NYSE: P) continued falling with the expiration of the lock-up period today.

Analyst lowered their earnings estimate for MEMC Electronic Materials (NYSE: WFR).

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 18 points to 727.

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