European Debt Concerns Sink Stocks
Renewed concerns about risky European bank debt sent the markets down during the midday with the Dow falling 80 points to 10,368. Nasdaq tumbled 19 points to 2214.
On the upside
Casey's General Stores (Nasdaq: CASY) rejected Alimentation Couche-Tard's $38.50 per share acquistion offer to pursue a $40 per share cash offer from an unnamed suitor.
Wonder Auto Technology (Nasdaq: WATG) completed its acquisition of Chinese airbag and seatbelt maker Jinheng Ltd.
Valeant Pharmaceuticals (NYSE: VRX) and Biovail (NYSE: BVF) will eliminate 25% of the merged company's employees.
On the downside
Beckman Coulter (NYSE: BEC) chairman, chief executive and president Scott Garrett resigned.
China Sky One Medical (Nasdaq: CSKI) cut its full year guidance on Friday after market close citing the termination of relationships with several major distributors.
Barclays Capital analyst C. J. Muse downgraded Brooks Automation (Nasdaq: BRKS) citing weak industry trends.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 11 points to 632.
