Concerns about Spain's financial crisis sent the markets tumbling to a sharply lower close with the Dow sinking 120 points to 12,822. Nasdaq plummeted 40 points to 2925. On the upside
The Food and Drug Administration approved Onyx Pharmaceuticals' (NYSE: ONXX) multiple myeloma treatment Kyprolis. StemCells (Nasdaq: STEM) advanced again after reporting positive results from an Alzheimer's disease study on Tuesday. The European Medicines Agency's Committee for Medical Products for Human Use recommended approval for Astex Pharmaceuticals' (Nasdaq: ASTX) secondary acute myeloid leukemia treatment Dacogen. On the downside Xerox (NYSE: XRX) reported lower second quarter earnings and revenue and cut its earnings guidance for the full year. A surge in borrowing costs for Spain weighed down shares of Banco Bilbao (NYSE: BBVA). Rambus (Nasdaq: RMBS) widened second quarter losses as revenue fell. In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 10 points to 791.