Disappointing corporate earnings sent the markets tumbling during the midday with the Dow plummeting 107 points to 12,273. Nasdaq dropped 24 points to 2746.
On the upside
Exelixis (Nasdaq: EXEL) retained the services of Goldman Sachs to field possible acquisition offers.
The Bureau of Transportation Statistics reported that airline fuel expenses dropped in February. Shares of Delta Air Lines (NYSE: DAL) and United Continental (NYSE: UAL) climbed.
Skilled Healthcare (Nasdaq: SKH) announced that the operator of nursing facilities was exploring strategic options including the possible sale of the company.
On the downside
Alcoa (NYSE: AA) reversed year ago losses to post a profit for the first quarter but revenue fell short of expectations.
Retreating silver prices weighed down shares of First Majestic Silver (NYSE: AG).
An increase in the radiation alert level at the Fukushima Dai-Ichi nuclear power plant sent shares of Uranium Resources (NYSE: URRE) lower.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 824.
