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March 06, 2012 at 16:52 PM EST
Stocks Collapse Over Greek Default Fears
Greek default fears sent the markets into a tailspin to close sharply lower with the Dow sinking 203 points to 12,758. Nasdaq plunged 40 points to 2910.
On the upside
Shuffle Master (Nasdaq: SHFL) reported sharply higher first quarter earnings that beat analyst expectations and announced that it will acquire Ongame Network.
Canaccord Genuity initiated coverage of Sunesis Pharmaceuticals (Nasdaq: SNSS) with a Buy rating.
Jarden (NYSE: JAH) will pay approximately $442.6 million to purchase about 12.3 million shares of its stock in a modified Dutch auction tender offer.
On the downside
NetQin Mobile (NYSE: NQ) reversed year ago losses to post a profit for the fourth quarter but the stock price fell.
The nonprofit Association of International Deflation Society advised investors to avoid Broadvision (Nasdaq: BVSN).
Fourth quarter earnings plunged for Akorn (Nasdaq: AKRX) to fall short of expectations and the company forecast 2012 revenue below estimates.
In the broad market, declining issues outpaced advancers by a margin of 10 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 16 points to 787.
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