The markets tumbled to close sharply lower with the Dow plunging 113 points to 10,782 in reaction to a Wall Street Journal article revealing a federal investigation into the deceptive practices of major banks when they sold mortgage backed securities. Nasdaq plummeted 30 points to 2394.
On the upside
Hauppauge Digital (Nasdaq: HAUP) introduced its tuner boards to stream live TV to Apple's (Nasdaq: AAPL) iPad, iPhone and iPod touch.
Speedus (Nasdaq: SPDE) subsidiary Zargis Medical was selected by the Army's Telemedicine & Advanced Technology Research Center to present their medical devices at the American Telemedicine Association Conference.
Shares of InfoLogix (Nasdaq: IFLG) continued to surge after the company announced yesterday a strategic partnership with Wavelink to provide voice-enabled mobile solutions for SAP transactions.
On the downside
China Yuchai International (NYSE: CYD) reported higher first quarter income and revenue but the stock price dropped.
Cogdell Spencer (NYSE: CSA) priced its offering of 6.5 million shares at $7 per share.
O'Charley's (Nasdaq: CHUX) swung to a greater than expected loss for the first quarter and provided no guidance for the full year.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 709.
