The markets tumbled to close sharply lower with the Dow plummeting 140 points to 16,361 as earnings disappointed. Nasdaq collapsed 72 points to 4,075.
On the upside
Prestige Brands Holdings (NYSE: PBH) will pay approximately $750 million to acquire Insight Pharmaceuticals.
Itron (Nasdaq: ITRI) reported a loss for the first quarter but the results were better than expected as revenue rose.
First quarter earnings slipped for Echo Global Logistics (Nasdaq: ECHO) but the results beat expectations and the company forecast full year revenue ahead of estimates.
On the downside
Freescale Semiconductor (NYSE: FSL) narrowed first quarter losses more than expected but the stock price dropped.
Mellanox Technologies (Nasdaq: MLNX) disappointed by widening first quarter losses more than expected.
Plug Power (Nasdaq: PLUG) priced its public offering of 22.6 million common shares at the discounted price of $5.50 per share.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The broader S&P 500 tumbled 15 points to 1863. Bitcoin fell $34.66 or 7.58% to $457.00.
