Concerns About Greece's Bailout Package Sends Markets Plummeting
Concerns about Greece's bailout package sent the markets tumbling during the midday with the Dow collapsing 409
points to 11,000. Nasdaq skidded 109
points to
2401.
On the upside
Hot Topic (Nasdaq: HOTT) narrowed second quarter losses as revenue edged up and the apparel retailer announced a $25 million stock repurchase plan.The Food and Drug Administration approved for marketing the anti-fungal over the counter treatment Tolnaftate-D made by Apricus Biosciences' (Nasdaq: APRI) wholly owned subsidiary NexMed USA.
Bloomberg reported that Hewlett-Packard (NYSE: HPQ) plans to spin-off its personal computer unit and that the company is finalizing a deal to acquire British enterprise software company Autonomy.
On the downside
Silver Peak Systems filed a patent infringement suit against Riverbed Technology (Nasdaq: RVBD).
Pacific Crest downgraded Acme Packet (Nasdaq: APKT) to a Sector Perform rating from Outperform.
Camelot Information Systems (NYSE: CIS) disappointed with lower second quarter earnings as expenses climbed.
In the broad market, declining issues outpaced advancers by a margin of 10 to 1 on the NYSE and by more than 11 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 29 points to 674.
