Record oil prices sent the markets tumbling during the midday with the Dow plummeting 228 points to 12,800. Nasdaq plunged 29 point to 2487.
On the upside
Esmark (Nasdaq: ESMK) received a competing buyout offer from Russian company OAO Severstal that matches the $17 per share offer from Indian company Essar Steel Holdings. Severstal claims that it has the support of the United Steelworkers union.Although third quarter results fell for United Natural Foods, (Nasdaq: UNFI) the results surpassed estimates.
Beacon Power (Nasdaq: BCON) received the necessary environmental approval from the Stephentown Planning Board to build a 20 megawatt flywheel regulation plant.
On the downside
Friedman Billings Ramsey downgraded Casey's General Stores (Nasdaq: CASY) saying that record gas prices will hurt sales.
Saks (NYSE: SKS) reported higher first quarter earnings but the results fell short of estimates as gross margin fell.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 735.
