Looming Greek Default Weighs Down Markets
Investors feared that Greece would not receive financial assistance in time to avoid a default. The markets dropped during the midday with the Dow plunging 209 points to 11,299. Nasdaq tumbled 27 points to 2594.
On the upside
Wright Medical Group (Nasdaq: WMGI) named Robert J. Palmisano to the position of president and chief executive.
MAKO Surgical (Nasdaq: MAKO) introduced its RIO Robotic Arm Interactive Orthopedic System for use in total hip replacement procedures.
IDC reported that Apple's (Nasdaq: AAPL) iPad increased its global market share in the second quarter to more than 68% from a first quarter market share of 66%.
On the downside
Momenta Pharmaceuticals (Nasdaq: MNTA) stock tumbled after the Food and Drug Administration approved a rival generic version of the blood thinner Lovenox.
Concerns that Greece may default on its debt obligation weighed down shares of Barclays (NYSE: BCS) and Credit Suisse Group (NYSE: CS).
LDK Solar (NYSE: LDK) sold approximately 4.37 million common shares through a private placement to raise approximately $25.8 million.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 15 points to 698.
