Greek Default Concerns Sink Stocks

Concerns of a Greek default sent the markets tumbling to a sharply lower close with the Dow plummeting 156 points to 12,442. Nasdaq plunged 60 points to 2813.

On the upside

Shares of social networking site FriendFinder Networks (Nasdaq: FFN) surged ahead of Facebook's initial public offering tomorrow.

The Commerce Department announced 31% tariffs on Chinese solar panel imports which lifted shares of domestic solar energy firm SunPower (Nasdaq: SPWR).

A Seeking Alpha contributor listed Barrick Gold (NYSE: ABX) as one of three gold stocks with the potential to soar over the next two to three years.

On the downside

Profit taking sank shares of Herbalife (NYSE: HLF) whose stock priced spiked yesterday after Greenlight Capital's David Einhorn did not recommend shorting the stock.

Shares of construction equipment company Terex (NYSE: TEX) after Caterpillar (NYSE: CAT) reported a slowdown in sales last month.

Yingli Green Energy (NYSE: YGE) responded to the Commerce Department's 31% tariff on solar imports from China by affirming its commitment to serving the U. S. market and to creating a competitive marketplace.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 17 points to 754.

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