Greek Vote May Sink Debt Deal, Markets Plummet

Plans by Greece to allow citizens to vote on new austerity measures sent the markets tumbling to a sharply lower open with the Dow plummeting 185 points to 11,769. Nasdaq plunged 51 points to 2633.

On the upside

Radian Group (NYSE: RDN) reported higher third quarter earnings as loan loss provisions fell and new mortgage written insurance rose.

Leap Wireless (Nasdaq: LEAP) narrowed third quarter losses as new subscribers increased.

HSBC Securities upgraded AU Optronics (NYSE: AUO) to an Overweight rating.

On the downside

Investors locked in profits on Sify Technologies (Nasdaq: SIFY), whose stock price surged yesterday after reporting upbeat earnings on Friday.

The Food and Drug Administration and Exelixis (Nasdaq: EXEL) failed to agree on special protocols for a late stage clinical trial of the prostate cancer treatment cabozantinib.

Baker Hughes (NYSE: BHI) reported sharply higher third quarter earnings as revenue surged but the results fell short of analyst expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by 8 to 1 on Nasdaq. The Russell 2000 which tracks small cap sank 17 points to 723.

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