European Default Fears Send Markets Tumbling

Fear of defaults among European nations sent the markets into a tailspin with the Dow collapsing 303 points to 10,992. Nasdaq slumped 61 points to 2467.

On the upside

USA Technologies (Nasdaq: USAT) reported a sharp 81% year over year jump in cashless payment transactions.

Shares of Toreador Resources (Nasdaq: TRGL) rose ahead of its presentation at the Rodman & Renshaw Annual Global Investment Conference on Monday, September 12, 2011.


On the downside

Skyworks Solutions accused Advanced Analogic Technologies (Nasdaq: AATI) of failing to comply with conditions of their merger agreement.

Moody's Investors Service downgraded Beazer Homes USA's (NYSE: BZH) debt rating.

The chief executive officer of Tata Motors (NYSE: TTM), Carl-Peter Forster, resigned effective immediately.

Deutsche Bank downgraded TrueBlue (NYSE: TBI) to a Hold rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 673.