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Markets Tumble As Spain Officially Requests Assistance

Spain's official request for financial assistance for its ailing banks sent the markets tumbling during the midday with the Dow plummeting 146 points to 12,494. Nasdaq plunged 53 points to 2838.

On the upside

Shares of Alexza Pharmaceuticals (Nasdaq: ALXA) continued rising after the company filed a new marketing application with the Food and Drug Administration on Friday for its acute agitation treatment Adasuve.

Cemex (NYSE: CX) will repay $1 billion worth of debt in 2013 and refinance debt that will mature in February 2014.

The Paragon Report issued a research report on Alaska Communications Systems Group (Nasdaq: ALSK).

On the downside

Petrobras (NYSE: PBR) increased gasoline and diesel prices today for the first time since 2006.

Old Republic International (NYSE: ORI) withdrew plans to spinoff its Republic Financial Indemnity Group subsidiary.

Kirby (NYSE: KEX) cut its second quarter and full year earnings outlook.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 12 points 762.

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