Egyptian Unrest Sink Stocks
Widespread protests in Egypt sent the markets tumbling to a sharply lower close with the Dow plummeting 166 points to 11,823. Nasdaq sank 68 points to 2686.
On the upside
Accuray (Nasdaq: ARAY) reversed year ago losses to post an unexpected profit for the second quarter.
First quarter earnings for Ariba (Nasdaq: ARBA) surged due to the sale of the company's outsourcing unit and the business commerce solutions provider forecast current quarter revenue well ahead of analyst estimates.
Oplink Communications (Nasdaq: OPLK) reported sharply higher second quarter earnings that surpassed expectations and forecast third quarter income and revenue above analyst estimates.
On the downside
The Food and Drug Administration requested that Arena Pharmaceuticals (Nasdaq: ARNA) conduct several more safety studies of its obesity treatment Iorcaserin.
Myriad Genetics (Nasdaq: MYGN) blamed higher tax expenses for a drop in second quarter income.Cemex (NYSE: CX) may issue as many as 6 billion new shares as it restructures debt.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks skidded 20 points 775.
