Soaring wholesales prices sent the markets tumbling during the midday with the Dow dropping 60 points to 12,209. Nasdaq lost 3 points to 2471.
On the upside
Mentor Graphics (Nasdaq: MENT) rejected a buyout offer valued at approximately $1.45 billion from rival Cadence Design Systems (Nasdaq: CDNS).Canadian Solar (Nasdaq: CSIQ) raised its revenue guidance for 2008 due to better than expected sales to German clients.
Longbow upgraded metal processing company Worthington Industries (NYSE: WOR).
On the downside
Networking equipment maker Infinera (Nasdaq: INFN) lowered its 2008 revenue growth guidance saying that demand in North America is expected to weaken.Goldman Sachs cut its 2008 as well as its 2009 full year earnings outlook for Zions Bancorp (Nasdaq: ZION) and slashed its price target for the company.
Shares of SunTrust Banks (NYSE: STI) tumbled after Golman Sachs said that the nation's banks may have to raise up to $65 million.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by a margin of more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 741.
