A mere 0.1% gain in June personal income renewed fears of a double dip recession sending the markets tumbling during the midday with
the
Dow plunging 112 points to 12,020. Nasdaq dropped 27 points to
2716.
On the upside
Foster Wheeler (Nasdaq: FWLT) reported higher second quarter earnings that surpassed analyst expectations by a wide margin.
Herbalife (NYSE: HLF) impressed with higher second quarter earnings that beat expectations and lifted its full year guidance.
The world's richest man and owner of America Movil Carlos Slim offered a premium to purchase shares of Telefonos de Mexico (NYSE: TMX) that it does not already own.
AgFeed Industries (Nasdaq: FEED) announced a preliminary loss for the second quarter.
Meritor (NYSE: MTOR) reversed year ago losses to post a profit for the third quarter but the results fell short of analyst estimates.
Parker Hannifin (NYSE: PH) reported higher fourth quarter earnings as revenue rose but the results missed analyst expectations and the company forecast 2012 earnings that fell short.
In the broad market, declining issues outpaced advancers by a margin of 7 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 8 points to 784.
