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Spain's Borrowing Costs Soar, Markets Tumble

A surge in borrowing costs for Spain sent the markets tumbling during the midday with the Dow sinking 155 points to 13,044. Nasdaq plummeted 56 points to 3056.

On the upside

Shares of SmartHeat (Nasdaq: HEAT) continued rising after reporting sharply higher fourth quarter revenue that more than doubled.

Avon (NYSE: AVP) chief executive Andrea Jung received no bonus in 2011 and earned 23% less in compensation than in 2010.

Bernstein upgraded American International Group (NYSE: AIG) to an Outperform rating and lifted its price target to $45.

On the downside

WebMD Health (Nasdaq: WBMD) announced that approximately 18 million common shares were properly tendered through its modified Dutch auction.

Shares of Idenix Pharmaceuticals (Nasdaq: IDIX) fell after rival Roche reported disappointing results for its hepatitis C treatment.

RBC Capital downgraded Jaguar Mining (NYSE: JAG) to an Underperform rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 16 points to 818.

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