The markets extended its losses during the midday with the Dow losing 27 points to 12,526 as few details emerged about the 100 billion euro financial aid package for Spain. Nasdaq fell 12 points to 2845.

On the upside

Shares of Arena (Nasdaq: ARNA) surged over expectations that the company's Lorcaserin will be the first weight loss treatment to receive regulatory approval in two weeks.

ZaZa Energy (Nasdaq: ZAZA) signed an agreement with Hess (NYSE: HES) to increase its acreage at the Eagle Ford core to 72,000 acres from 11,500 acres.

Sagard Capital Partners will take IntegraMed America (Nasdaq: INMD) private for a premium of approximately $169.5 million.

On the downside

Centene (NYSE: CNC) warned of losses for the second quarter and slashed its full year earnings outlook.

Samsung squashed rumors that it was interested in acquiring Nokia (NYSE: NOK).

Omnicare (NYSE: OCR) chief executive John Figueroa resigned.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased lost 4 points to 764.