Markets Fall Over European Debt Concerns

The markets turned negative during the midday with the Dow falling 52 points to 12,065 as European debt concerns continued to weigh on investors. Nasdaq lost 9 points to 2738.

On the upside

Laboratory Corp. of America (NYSE: LH) will pay a premium of approximately $241 million in cash to acquire Medtox Scientific (Nasdaq: MTOX).


Chesapeake Energy (NYSE: CHK) will replace four of its board members.


Credo Petroleum (Nasdaq: CRED) agreed to be acquired by Forestar Group (NYSE: FOR) for a premium of approximately $146 million in cash.


On the downside


Shares of Hovnanian Enterprises (NYSE: HOV) continued falling following a disappointing pending home sales report last week.


A Seeking Alpha contributor recommended shorting Frontline (NYSE: FRO).

Delta's (NYSE: DAL) disappointing May passenger unit revenue report weighed down shares of US Airways (NYSE: LCC) and United Continental (NYSE: UAL).

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 731.

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