Falling Euro Drags Down Markets

The markets extended its loses during the midday with the Dow plunging 134 points to 11,820 as the euro fell and Italian bond yields climbed. Nasdaq tumbled 40 points to 2538.

On the upside

The Progressive Group (NYSE: PGR) reported higher November income as the number of premiums written rose.

Eon Communications (Nasdaq: EONC) reversed year ago losses to post a profit for the first quarter as revenue increased.

Delta Air Lines (NYSE: DAL) and US Airways (NYSE: LCC) closed their takeoff and landing slot rights swap to increase US Airways' presence at Reagan National Airport while Delta expanded flights to LaGuardia Airport.

On the downside

Silicon Graphics International (Nasdaq: SGI) announced the resignation of president and chief executive Mark J. Barrenechea effective January 1, 2011.

HyperDynamics (NYSE: HDY) reported that mechanical and operational issues have delayed drilling at its Sabu-1 exploration well off the coast of the Republic of Guinea.

FBN Securities initiated coverage of Fusion-io (NYSE: FIO) with a Sector Perform rating.

In the broad market, declining issues outpaced advancers by a margin of 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 709.

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