The markets skidded to a sharply lower close with the Dow plummeting 220 points to 11,843 as oil prices surged and analysts downgraded automakers. Nasdaq plunged 56 points to 2406.
On the upside
Bank of the Ozarks (Nasdaq: OZRK) affirmed its earnings guidance.SunTrust Banks (NYSE: STI) reassured investors that it will not lower its dividend or dilute shareholders by issuing more stock.
PolyOne (NYSE: POL) cited strong revenue for increasing its sales outlook for the second quarter.
On the downside
Altair Nanotechnologies (Nasdaq: ALTI) named interim president Terry Copeland to the position of president and chief executive, replacing former CEO Alan Gotcher.Frontier Financial (Nasdaq: FTBK) cut its quarterly dividend from 18 cents per share to 6 cents per share payable on July 22 to shareholders of record July 8.
A disagreement between Live Nation's (NYSE: LYV) chairman Michael Cohl and chief executive Michael Rapino sparked rumors that Cohl may leave the concert promoter.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 726.
