Markets Tumble Over Disappointing Earnings
Disappointing corporate earnings sent the markets tumbling during the midday with the Dow plunging 162 points 12,597. Nasdaq plunged 38 points to 2833.
On the upside
Top Image Systems (Nasdaq: TISA) reversed year ago losses to post a profit for the first quarter.
Discovery Laboratories (Nasdaq: DSCO) narrowed first quarter losses.
Shares of OxiGene (Nasdaq: OXGN) continued climbing after both The Bedford Report and World Street Fundamentals issued reports yesterday highlighting the growth potential of the biopharmaceutical.
On the downside
Stec (Nasdaq: STEC) swung to a first quarter profit but the results missed analyst expectations and the company forecast current quarter results below estimates.
Allos Therapeutics (Nasdaq: ALTH) disappointed with a loss for the first quarter as sales of its blood cancer treatment Folotyn fell short of expectations.
Falling silver prices weighed down shares of Silver Wheaton (NYSE: SLW).
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 14 points to 841.
