Earnings Disappoint, Markets Tumble

Disappointing corporate earnings sent the markets tumbling during the midday with the Dow plummeting 107 points to 12,273. Nasdaq dropped 24 points to 2746. 

On the upside

Exelixis (Nasdaq: EXEL) retained the services of Goldman Sachs to field possible acquisition offers.

The Bureau of Transportation Statistics reported that airline fuel expenses dropped in February. Shares of Delta Air Lines (NYSE: DAL) and United Continental (NYSE: UAL) climbed.

Skilled Healthcare (Nasdaq: SKH) announced that the operator of nursing facilities was exploring strategic options including the possible sale of the company.

On the downside

Alcoa (NYSE: AA) reversed year ago losses to post a profit for the first quarter but revenue fell short of expectations.

Retreating silver prices weighed down shares of First Majestic Silver (NYSE: AG).

An increase in the radiation alert level at the Fukushima Dai-Ichi nuclear power plant sent shares of Uranium Resources (NYSE: URRE) lower.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 824.