Talks between Greece and its credit collapsed over the weekend to send the markets tumbling to a sharply lower open with the Dow plummeting 162 points to 17,736. Nasdaq plunged 57 points to 4,993.

On the upside

Cox Automotive will acquire Dealertrack Technologies (Nasdaq: TRAK) in an all cash transaction valued at approximately $4 billion.

Niska Gas Storage Partners (NYSE: NKA) will be acquired by Brookfield Infrastructure for a premium of $4.225 per common unit in cash.

Standard Pacific (NYSE: SPF) will merge with Ryland Group (NYSE: RYL) to become the nation’s fourth largest homebuilder.
 
On the downside

The collapse of talks between Greece and its creditors over the weekend weighed down shares of National Bank of Greece (NYSE: NBG).

AirMedia (Nasdaq: AMCN) will sell 75% of its equity interest in AM Advertising to Beijing Longde Wenchuang Fund Management.

iDreamSky Technology (Nasdaq: DSKY) chair and chief executive officer Michael Xiangyu Chen offered to take the company private for $14 per American Depositary Share.
 
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 dropped 19 points to 2074. Bitcoin added $2 to $235.