Disappointing corporate earnings along with a slowdown in manufacturing activity in China sent the markets tumbling during the midday with the Dow plunging 178 points to 16,194. Nasdaq dropped 39 points to 4203.
On the upside
Logitech International (Nasdaq: LOGI) reversed year ago losses to post a stronger than expected profit for the third quarter prompting the company to lift its full year forecast.
The Daily Mail reported that several pharmaceuticals were interested in possibly acquiring Ariad Pharmaceuticals (Nasdaq: ARIA).
Shares of Santander Consumer (NYSE: SC) climbed on its first trading day.
On the downside
Massachusetts Senator Edward Markey asked the Securities and Exchange Commission and the Federal Trade Commission to investigate Herbalife (NYSE: HLF) for operating a pyramid scheme.
American Eagle Outfitters (NYSE: AEO) chief executive Robert Hanson unexpectedly left the teen apparel retailer prompting a downgrade.
Noble (NYSE: NE) reported higher fourth quarter earnings but the offshore drilling contractor warned of lower rig utilization for the first half of 2014.
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by a margin of more than 5 to 2 on Nasdaq. The broader S&P 500 tumbled 18 points to 1826. Bitcoin added $11 or 1.16% to $947.00.
