Markets Extend Losses Over Global Economic Concerns

The markets extended its losses during the midday with the Dow skidding 159 points to 12,497 over growing concern about the health of the global economy. Nasdaq plummeted 55 points to 2804.

On the upside

A Nevada district court ruled in PDL BioPharma's (Nasdaq: PDLI) favor by denying motions to dismiss filed by Genentech and F. Hoffman LaRoche related to a settlement reached in 2003.

A Seeking Alpha article listed Coffee Holding Co. (Nasdaq: JVA) as the coffee distributor with the highest year to date return of 628.88%.

Kandi Technologies (Nasdaq: KNDI) engaged in a strategic partnership with Hangzhou Electric Vehicle Service to launch a 20,000 pure electric vehicle program for Hangzhou consumers.

On the downside

Mixed results in a phase III clinical study for Genzyme's multiple sclerosis treatment Lemtrada weighed down shares of Lemtrada's tracking stock Sanofi (Nasdaq: GCVRZ).

Gambling revenue along the Las Vegas Strip surged 29% in May but shares of Las Vegas Sands (NYSE: LVS) and MGM Resorts (NYSE: MGM) dropped.

JPMorgan Chase (NYSE: JPM) named former Hewlett-Packard (NYSE: HPQ) chief administrative officer Peter Bocian to manage the financial services firm's real estate and general services and procurement.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 18 points to 834.