Renewed concerns about the European debt crisis sent the markets tumbling during the midday with the
Dow slumping 272 points
to 11,022. Nasdaq plummeted 47
points to 2481.
On the upside
Spherix (Nasdaq: SPEX) reported upbeat results for its high cholesterol treatment SPX-106
Caris & Co. upgraded Conn's (Nasdaq: CONN) to an Above Average rating.
China Green Agriculture (NYSE: CGA) reported higher fiscal 2011 earnings and revenue.
On the downside
Bank of America Merrill Lynch downgraded Regeneron Pharmaceuticals (Nasdaq: REGN) to an Underperform rating.
Investors locked in profits on MGIC Investment (NYSE: MTG), whose stock price climbed on Wednesday after the company announced that the number of delinquent mortgages dropped.
Korn/Ferry (NYSE: KFY) reported higher first quarter earnings as revenue climbed but investors were disappointed that the executive recruitment firm's second quarter guidance fell within analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 18 points to 676.
