Losses Extended At Midday Over Possible Greek Default

The markets extended its losses during the midday with the Dow dropping 78 points to 12,520 despite a drop in mortgage rates as investors monitored political developments in Greece. Nasdaq tumbled 31 points to 2842.

On the upside

Rising gold prices lifted shares of Eldorado Gold (NYSE: EGO), Goldcorp (NYSE: GG) and Kinross Gold (NYSE: KGC).

Ctrip.com International (Nasdaq: CTRP) reported lower first quarter earnings but revenue rose to top analyst estimates.

Sears Holdings (Nasdaq: SHLD) swung to a first quarter profit and announced plans to spin off Sears Canada.

On the downside

The Securities and Exchange Commission has opened an investigation into Dendreon (Nasdaq: DNDN).

GT Advanced Technologies (Nasdaq: GTAT) reported higher fourth quarter earnings and revenue but the results fell short of expectations.

E-Commerce China Dangdang (NYSE: DANG) fell to a loss for the first quarter and forecast second quarter revenue below analyst estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 9 points to 762.

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