Banking Concerns Send Markets Down

Concerns about further bank failures sent the markets into a tailspin during the midday with the Dow plummeting 176 points to 9319. Nasdaq tumbled 39 points to 1969.

On the upside

Brigham Exploration (Nasdaq: BEXP) announced that its Figaro 29-32 well produced 1,895 barrels of oil equivalents per day and said that overall oil volumes will increase in the third quarter.

America's Car Mart (Nasdaq: CRMT) reported higher first quarter earnings that topped estimates as same store sales rose.

EDAP TMS (Nasdaq: EDAP) impressed with sharply higher earnings and revenue.

On the downside

A late stage clinical trial of Acadia Pharmaceuticals' (Nasdaq: ACAD) Parkinson's disease psychosis treatment failed.

CIT Group (NYSE: CIT) deferred interest payments for some notes.

A San Francisco judge delayed Rambus' (NYSE: RMBS) antitrust case against Micron Technology (NYSE: MU), Hynix Semiconductor and Samsung Electronics.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 13 points to 558.

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