The markets extended its losses during the midday with the Dow plummeting 132 points to 17,407 over disappointing earnings. Nasdaq plunged 83 points to 5,056.
On the upside
IBM (NYSE: IBM) will acquire Merge Healthcare (Nasdaq: MRGE) for a premium of approximately $1 billion.
Herbalife (NYSE: HLF) reported better than expected second quarter earnings and revenue and lifted its full year earnings guidance.
Wunderlich upgraded Oasis Petroleum (NYSE: OAS) from a Hold rating to a Buy rating.
On the downside
PHH (NYSE: PHH) widened second quarter losses.
SunEdison (NYSE: SUNE) widened losses significantly for the second quarter.
Constellium (NYSE: CSTM) fell to a loss for the second quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 tumbled 17 points to 2081. Bitcoin lost $4 to $275.
