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May 09, 2012 at 10:42 AM EDT
Spanish Banks Losses Weigh Down Markets

Concerns about more losses among Spanish banks sent the markets tumbling to a sharply lower open with the Dow plummeting 176 points to 12,755. Nasdaq plunged 44 points to 2902.

On the upside

SodaStream International (Nasdaq: SODA) reported sharply higher first quarter earnings that surpassed analyst expectations as revenue surged.

Second quarter earnings climbed for Walt Disney (NYSE: DIS) to beat expectations on improved revenue from theme parks and pay TV.

Cost Plus (Nasdaq: CPWM) will be acquired by Bed Bath & Beyond (Nasdaq: BBBY) for a premium of approximately $495 million.

On the downside

Dynavax Technologies (Nasdaq: DVAX) priced its public offering of 17.5 million common shares at the discounted price of $4.25.

Macy's (NYSE: M) reported higher first quarter earnings that beat analyst expectations but the retailer's full year guidance fell short of expectations.

Chiquita Brands International (NYSE: CQB) disappointed by falling to a larger than expected loss for the first quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 783.

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