Markets Plunge Over Unexpected Retail Sales Drop

A disappointing drop in retail sales weighed down the markets during the midday with the Dow tumbling 163 points to 8305. Nasdaq plunged 37 points to 1678.

On the upside

KeyBanc Capital Markets upgraded Ferro (NYSE: FOE).

Shares of Advanced Micro Devices (NYSE: AMD) rose after the European Union fined rival Intel (NYSE: INTC) $1.45 billion for antitrust activity.

Bargain hunters lifted shares of Great Atlantic & Pacific Tea (NYSE: GAP) after the stock plunged yesterday when the grocery store chain reported a significant fourth quarter loss.

On the downside

BankUnited Financial (Nasdaq: BKUNA) warned of significant losses for the second quarter.

Soaring costs sent fourth quarter earnings tumbling for GT Solar International (Nasdaq: SOLR) to miss estimates by a wide margin.

Kite Realty Group Trust (NYSE: KRG) cut its full year outlook and priced its offering of 25 million shares of common stock at $3.20 per share.

In the broad market, declining issues overwhelmed advancers by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled15 points to 479.