A drop in personal income sent the markets tumbling during the midday with the Dow plummeting 118 points to 11,597. Nasdaq plunged 38 points to 2374.
On the upside
BFC Financial (NYSE: BFF) bought 2 million common shares of BankAtlantic (NYSE: BBX) in the open market over the last ten days.
QBE Insurance Group will pay approximately $56 million to acquire the Asian operations of mortgage insurer PMI Group (NYSE: PMI).
The Food and Drug Administration issued a complete response letter to BioDelivery Sciences International (Nasdaq: BDSI) for its painkiller patch BEMA Fentanyl. The letter means that approval is almost guaranteed after some changes are made to the application.
On the downside
Although second quarter earnings more than doubled for Wind River Systems (Nasdaq: WIND), the software developer forecast third quarter results below estimates.
Magma Design Automation (Nasdaq: LAVA) widened first quarter losses as revenue dropped prompting the electronic design automation software company to lower its forecast for the full year.
Deutsche Bank Securities analyst Mark Wilde downgraded Domtar (NYSE: UFS) citing global pulp pricing pressure.In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 742.
