Concerns that the nation will lose its top AAA credit rating sent the markets tumbling to a sharply lower open with the
Dow plunging 138 points to 12,340. Nasdaq plummeted 32
points to 2757.
On the upside
Bloomberg News reported that Liz Claiborne (NYSE: LIZ) was exploring the sale of its Mexx brand to private equity firms Leonard Green & Partners, Sun Capital and Golden Gate Capital.
The Wall Street Journal reported that Pharmaceutical Product Development (Nasdaq: PPDI) was exploring the possible sale of the company.
Sino Clean Energy (Nasdaq: SCEI) entered a preliminary agreement to acquire Crown Energy which owns a 60% stake in Foshan Nan Hai CWSF.
WebMD Health (Nasdaq: WBMD) blamed a drop in advertising revenue for lowering its 2011 guidance.
Nabi Pharmaceuticals (Nasdaq: NABI) reported that its NicVAX smoking cessation treatment failed a Phase III clinical trial.
MGIC Investment (NYSE: MTG) swung to a second quarter loss as mortgage defaults climbed.