Retail concerns sink stocks

Concerns about the health of big retailers sent the markets into a tailspin with the Dow collapsing 167 points to 16,446. Nasdaq tumbled 31 points to 4,069.

On the upside

First quarter earnings surged more than four times for Vipshop Holdings (NYSE: VIPS) to surpass analyst expectations by a wide margin as revenue more than doubled.

Maxim expects Momenta (Nasdaq: MNTA) to introduce a generic version of Teva Pharmaceuticals' (NYSE: TEVA) multiple sclerosis treatment Copaxone in June.

Textura (Nasdaq: TXTR) client Wespac Construction has used Textura CPM on more than 500 projects since 2005.

On the downside

Shares of Higher One Holdings (NYSE: ONE) fell for the third straight day after the company warned that it may be fined by the Federal Reserve.

Sorrento Therapeutics (Nasdaq: SRNE) priced its public offering of approximately 4.765 million common shares at the discounted price of $5.25 per share.

TAL Education Group (NYSE: XRS) plans to offer up to $200 million worth of convertible senior notes.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 tumbled 17 points to 1870. Bitcoin slipped $1.64 or 0.37% to $442.25.

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