On the upside
Merck (NYSE: MRK) halted a late-stage clinical trial of its osteoporosis treatment odanacatib due to strong evidence that the drug was effective.
SAP (NYSE: SAP) pre-announced higher second quarter earnings that surpassed analyst expectations.
On the downside
Supervalu (NYSE: SVU) reported sharply lower first quarter earnings that fell far short of analyst expectations, suspended its dividend and announced a review of strategic options including the possible sale of the grocery store chain.
Infosys (Nasdaq: INFY) reported higher first quarter earnings and revenue but the company lowered its full year outlook.
ImmunoGen (Nasdaq: IMGN) priced its public offering of 6.25 million common shares at the discounted price of $16 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 780.