Markets Tumble As Greek Debt Negotiations Break Down

A breakdown of debt negotiations in Greece sent the markets tumbling during the midday with the Dow plummeting 102 points to 12,368. Nasdaq fell 22 points to 2701.

On the upside

Rovi (Nasdaq: ROVI) announced the sale of its Roxio unit to Corel. 

A Seeking Alpha contributor said that KB Home (NYSE: KBH) was undervalued. 

Craig-Hallum said that ZAGG (Nasdaq: ZAGG) may be able to land Wal-Mart (NYSE: WMT) as client.

On the downside

Patriot Coal (NYSE: PCX) cited weak demand for lowering coal production in West Virginia.  

Shares of coal companies Arch Coal (NYSE: ACI), Alpha Natural Resources (NYSE: ANR) and Consol Energy (NYSE: CNX) all fell after Patriot cut its production.

JDA Software Group (Nasdaq: JDAS) reported preliminary fourth quarter revenue that fell short of analyst expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 762.