Microsoft's withdrawal of its nearly $50 billion offer for Yahoo sent the markets lower during midday with the Dow dropping 77 points to 12,982. Nasdaq lost 8 points to 2469.
On the upside
Aircastle (NYSE: AYR) refinanced its debt by entering into a 7-year $786.1 million term debt facility.Record oil prices lifted first quarter earnings for Continental Resources (NYSE: CLR) to surpass expectations.
Discovery Laboratories (Nasdaq: DSCO) reassured investors that no new clinical trials are necessary for its premature infant respiratory distress syndrom treatment Surfaxin and that the company should be able to comply with Food and Drug Administration requests within six to eight weeks.
On the downside
Shares of Yahoo (Nasdaq: YHOO) tumbled after Microsoft (Nasdaq: MSFT) withdrew its $47.5 billion bid to acquire the company.
Concerns that Bank of America (NYSE: BAC) will lower its offer for Countrywide (NYSE: CFC) weighed down shares of both companies.
Zoltek (Nasdaq: ZOLT) chief financial officer Kevin J. Schott resigned after an audit committee discovered errors in previous financial statements.In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 724.
