European Debt Concerns Sink Stocks
Despite a sharper than expected jump in consumer confidence, the markets tumbled with the Dow slumping 213 points to drop below the 11,000 mark to close at 10,991 over European debt concerns. Nasdaq plummeted 51 points to 2471.
On the upside
Mindspeed Technologies (Nasdaq: MSPD) reported higher second quarter earnings.
DSW (NYSE: DSW) lifted its full year earnings outlook citing better than expected sales.
Winner Medical Group (Nasdaq: WWIN) will raise approximately $8 million through the sale of 1.4 million common shares.
On the downside
The Food and Drug Administration cited fourteen Cardiac Science (Nasdaq: CSCX) external defibrillator models for faulty components.
Frontier Financial (Nasdaq: FTBK) denied that Infinite Freedom Foundation offered to acquire the company.
Shares of National Bank of Greece (NYSE: NBG) tumbled after Standard & Poor's cut Greece's credit rating to junk status.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks skidded 17 points to 721.
On the upside
Mindspeed Technologies (Nasdaq: MSPD) reported higher second quarter earnings.
DSW (NYSE: DSW) lifted its full year earnings outlook citing better than expected sales.
Winner Medical Group (Nasdaq: WWIN) will raise approximately $8 million through the sale of 1.4 million common shares.
On the downside
The Food and Drug Administration cited fourteen Cardiac Science (Nasdaq: CSCX) external defibrillator models for faulty components.
Frontier Financial (Nasdaq: FTBK) denied that Infinite Freedom Foundation offered to acquire the company.
Shares of National Bank of Greece (NYSE: NBG) tumbled after Standard & Poor's cut Greece's credit rating to junk status.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks skidded 17 points to 721.
