Rate concerns sink stocks

Fears of an imminent interest rate increase sent the markets plunging to a sharply lower close with the Dow tanking 278 points to 17,856. Nasdaq plummeted 55 points to 4,927.

On the upside

Roth Capital Partners initiated coverage of Celladon (Nasdaq: CLDN) with a Buy rating and a price target of $70.

Diamond Foods (Nasdaq: DMND) reversed year ago losses to post a greater than expected profit for the second quarter.

Retrophin (Nasdaq: RTRX) widened losses for the second quarter but the company reported significant second quarter revenue compared with no revenue last year.

On the downside

Esterline Technologies (NYSE: ESL) disappointed with lower first quarter earnings that fell far short of analyst expectations as revenue dropped.

Falling gold and silver prices weighed down shares of Harmony Gold (NYSE: HMY) and Hecla Mining (NYSE: HL).

Violin Memory (NYSE: VMEM) narrowed losses for the fourth quarter but revenue fell to miss analyst estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 plummeted 29 points to 2071. Bitcoin held steady at $271.