FinancialContent is the trusted provider of stock market information to the media industry.
Spain Requests Assistance, Markets Open Lower

The markets opened lower with the Dow plunging 160 points to 12,480 after Spain officially requested financial assistance for its banks. Nasdaq plummeted 48 points to 2843.

On the upside

A federal court ruled in favor of Teva (NYSE: TEVA) in a patent infringement case over the company's multiple sclerosis treatment Copaxone.

Quest Software (Nasdaq: QSFT) received a higher acquisition offer of approximately $2.32 billion from a strategic bidder.

Anheuser-Busch InBev offered $15 billion to acquire Corona maker Grupo Modelo. Constellation Brands (NYSE: STZ) has an agreement to distribute Corona through 2016.

On the downside

Ventrus Biosciences (Nasdaq: VTUS) reported disappointing results from a late stage clinical trial of its piles treatment VEN 309.

Shares of Nokia (NYSE: NOK) fell after Goldman Sachs cut its global 2012 handset growth outlook from 10% to 4% and its smartphone growth from 42% to 38%.

Reuters reported that Chesapeake Energy (NYSE: CHK) colluded with Encana (NYSE: ECA) to suppress land prices.

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 13 points 761.

Stock Market JSON API provided by
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Financial Widgets

Display market data, financial news or stock quotes - Learn More

Advertising Network

Advertise on FinancialContent's huge network - Learn More

Web Services

Power your internet and wireless applications - Learn More