Boehner Rewrites Deficit Reduction Plan, Markets Tumble

The markets tumbled during the midday with the Dow plummeting 117 points to 12,384 as House Speaker John Boehner attempted to rewrite his deficit reduction plan in response to the Congressional Budget Office. Nasdaq plunged 52 points to 2787.

On the upside

Shares of Dunkin' Brands (Nasdaq: DNKN) surged on its first trading day.

First quarter earnings tumbled for RF Micro Devices (Nasdaq: RFMD) but the results topped analyst estimates.

Questcor Pharmaceuticals (Nasdaq: QCOR) reported sharply higher second quarter earnings that beat analyst expectations as revenue surged.

On the downside

Ciena (Nasdaq: CIEN) and Japanese information delivery platform KVH successfully transmitted an encrypted 10 Gigabit Ethernet data connection in Japan but the stock price fell.

Emerson Electric (NYSE: EMR) warned of weakening business activity.

Second quarter earnings for P. F. Chang's (NYSE: PFCB) dropped as revenue slipped prompting the casual dining chain to cut its guidance for the year.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 16 points to 807.