Italian bond yields surged to send the markets tumbling to a sharply lower open with the Dow plummeting 291 points to 11,878. Nasdaq sank 72 points to 2654.
On the upside
The Food and Drug Administration will study the safety of pharmacy compounded versions of K-V Pharmaceuticals' (Nasdaq: KVA) pre-term birth treatment Makena.
KIT Digital (Nasdaq: KITD) reversed year ago losses to post a profit for the third quarter as revenue more than doubled.
Universal Display (Nasdaq: PANL) swung to a third quarter profit as revenue more than tripled.
On the downside
Rovi (Nasdaq: ROVI) reported sharply lower third quarter earnings as expenses soared.
Adobe Systems (Nasdaq: ADBE) will eliminate 750 jobs and cut its fourth quarter earnings guidance.
Hyperdynamics (NYSE: HDY) widened first quarter losses more than expected.
In the broad market, declining issues outpaced advancers by a margin of more than 15 to 1 on the NYSE and by nearly 9 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 734.
