Fitch warned that the European debt crisis may negatively impact the domestic banking industry sending the markets tumbling to a sharply lower close with the Dow plummeting 190 points to 11,905 as crude oil prices spiked. Nasdaq plunged 46 points to 2639.
On the upside
A jury decided that Micron Technology (Nasdaq: MU) and Hynix Semiconductor did not infringe on patents held by Rambus (Nasdaq: RMBS).
Eastman Kodak (NYSE: EK) shareholder Investment Partners Asset Management requested that the company a shareholder rights plan that was adopted on August 1, 2011.
On the downside
Morgan Stanley (NYSE: MS) will pay $3.3 million to settle allegations that its Morgan Stanley Investment Management unit improperly charged investors for advisory services that were never delivered.
Jefferies Group (NYSE: JEF) named Thomas O. Seitz to the position of Managing Director and Equity Research Analyst covering U. S. Telecommunications companies.
Rambus (Nasdaq: RMBS) lost its price fixing case against Micron Technology (Nasdaq: MU) and Hynix Semiconductor.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 to 729.