A sharper than expected drop in consumer sentiment sent the markets tumbling during the midday with the Dow plummeting 228 points to 10,131. Nasdaq sank 57 points to 2191.
On the upside
Shares of Qlik Technologies (Nasdaq: QLIK) surged on its initial trading day.
People's United Financial (Nasdaq: PBCT) will pay approximately $96 million in cash to acquire LSB (Nasdaq: LSBX).
Investors rallied around Arena Pharmaceuticals' (Nasdaq: ARNA) obesity treatment Iorcaserin, which is awaiting approval and has fewer side effects than Vivus' (Nasdaq: VVUS) Qnexa.
On the downside
Second quarter earnings for Polycom (Nasdaq: PLCM) slipped even as revenue grew due to a drop in the company's high margin network systems unit.
Gannett (NYSE: GCI) reported sharply higher second quarter earnings but revenue dropped.
Standard & Poor's downgraded Live Nation Entertainment (NYSE: LYV) while Stifel Nicolaus cut its price target on the concert producer.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 622.
