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May 08, 2012 at 10:37 AM EDT
Greece Struggles To Form Government, Markets Plunge
The markets opened sharply lower with the Dow plunging 150 points to 12,858 as Greece struggled to form a government. Nasdaq plummeted 45 points to 2912.
On the upside
Shares of Arena Pharmaceuticals (Nasdaq: ARNA) soared ahead of its meeting with a Food and Drug Advisory Committee on Thursday, May 10 for its obesity treatment Lorcaserin.
Patriot Coal (NYSE: PCX) widened first quarter losses more than expected but thermal coal exports are expected to double this year.
Vitamin Shoppe (NYSE: VSI) reported sharply higher first quarter earnings as sales climbed.
On the downside
Fossil (Nasdaq: FOSL) reported higher first quarter earnings but revenue fell short of expectations and the fashion accessories company slashed its full year forecast.
Dendreon (Nasdaq: DNDN) narrowed first quarter losses but concerns about competition for its only product Provenge weighed down shares of the biotechnology company.
MAKO Surgical (Nasdaq: MAKO) widened first quarter losses more than expected and cut the sales guidance for its RIO robotic surgery system.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 786.
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