A sell-off in Portuguese bonds sent shockwaves throughout the
European and U.S. stock markets as investors shifted from stocks to U.S.
Treasuries and gold. The Dow eventually pared half of its losses and
finished the session at 16,915, down 70 points. Nasdaq lost 22 points
to close at 4,396.
On the upside
TRW Automotive (NYSE: TRW) reportedly received a buyout offer and sent its stock to a record high.
Shares
of Digital Ally (Nasdaq: DGLY) more than doubled after the company
received a patent for its VuLink connectivity system which lets law
enforcement agencies record video inside and outside of vehicles.
AmREIT (Nasdaq: AMRE) was the target of a $430 million buy-out offer from Regency Centers (NYSE: REG).
On the downside
Shares
of Potbelly (Nasdaq: PBPB), a sandwich shop operator, lost nearly a
quarter of its value to sink below its IPO price of $14 set last
October.
Ocera Therapeutics (Nasdaq: OCRX) priced a secondary
offering of 4.2 million shares at $6 apiece. The stock promptly fell
below that level.
Shares of Lumber Liquidators (NYSE: LL) tumbled after the flooring retailer lowered its 2004 revenue and earnings outlook.
In
the broad market, declining issues outpaced advancers by a margin of
more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader
S&P 500 lost 8 points to close at 1,964. Bitcoin rose $1 to $620.
