The markets skidded to close sharply lower with
the
Dow collapsing 198 points to 12,302 as Congress failed to produce a deficit reduction plan. Nasdaq sank 75 points to
2764.
On the upside
Marshall Edwards (Nasdaq: MSHL) reported encouraging data from a pre-clinical study of its ovarian cancer treatment NV-128.
Shares of communications lifecycle management software firm Tangoe (Nasdaq: TNGO) climbed in its market debut.
IAC/InterActiveCorp (Nasdaq: IACI) reported sharply higher second quarter earnings that more than tripled to beat analyst expectations by a wide margin.
Flagstar Bancorp (NYSE: FBC) reported a loss for the second quarter and sold 27 of its bank branches in Atlanta to PNC Financial Services (NYSE: PNC).
Alere (NYSE: ALR) narrowed second quarter losses but the results fell short of analyst expectations and the medical diagnostics products company forecast full year results below estimates.
Trinity Industries (NYSE: TRN) blamed higher expenses for second quarter earnings that missed analyst expectations.