Surging oil prices sent the markets tumbling during the midday with the Dow plummeting 252 points to 12,352. Nasdaq skidded 42 points to 2508.
On the upside
Although fourth quarter earnings slipped for National Semiconductor (NYSE: NSM), the results surpassed estimates and the company forecast first quarter revenue ahead of expectations.Chesapeake Energy (NYSE: CHK) reported two additional successful horizontal wells at its Haynesville Shale discovery, expects to complete two more by the end of the month and is seeking to expand its land holdings in the area.
Continental Resources (NYSE: CLR) named Brian Engel to the position of Vice President of Public Affairs.
On the downside
MRV Communications (Nasdaq: MRVC) may have to restate financials from 2002 through 2208 due to its past stock option practices.First quarter earnings for Trina Solar (NYSE: TSL) more than doubled to beat expectations as solar module shipments surged but the solar power products company warned that margins will narrow as silicon costs rise.
Continental Airlines (NYSE: CAL) will reduce capacity in the fall by 11% and eliminate 3,000 positions.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 748.
