Concerns that the $146.5 billion European aid package for Greece would not be enough to keep the country afloat sent the markets tumbling to a sharply lower open with the Dow plummeting 150 points to 11,001. Nasdaq slumped 57 points to 2441.
On the upside
Despite reporting an unexpected first quarter loss, analysts upgraded Powerwave Technologies (Nasdaq: PWAV) citing an improved outlook.
First quarter earnings and revenue for Nutrisystem (Nasdaq: NTRI) surpassed expectations.
Shares of CombinatoRx (Nasdaq: CRXX) continued soaring after a MarketWatch commentary yesterday spotlighted the biopharmaceutical and suggested that it may be an acquisition target.
On the downside
LeapFrog (NYSE: LF) narrowed first quarter losses as revenue surged but the results fell short of expectations.
Beazer Homes (NYSE: BZH) swung to a second quarter profit but the homebuilder also announced an offering of 12.5 million common shares.
Radian (NYSE: RDN) widened first quarter losses and announced an offering of $550 worth of stock.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 17 points to 715.
