Renewed concerns that Greece may exit the eurozone sent the markets down to a sharply lower open with Dow plummeting 116 points to 17,988. Nasdaq tumbled 47 points to 4,946.
On the upside
Verizon (NYSE: VZ) will pay a premium of approximately $4.4 billion to acquire AOL (NYSE: AOL).
Pain Therapeutics (Nasdaq: PTIE) announced positive top-line results from a Human Abuse Potential Study with REMOXY extended release capsules.
The Food and Drug Administration granted Fast Track designation to Threshold Pharmaceuticals’ (Nasdaq: THLD) development partner Merck KGaA, Darmstadt, Germany for the development of evofosfamide.
On the downside
Noranda Aluminum (NYSE: NOR) priced a secondary offering of 22.84 million common shares.
Rackspace Holding (NYSE: RAX) reported higher first quarter earnings and revenue but the company forecast current quarter revenue that fell short of expectations prompting a downgrade.
NewLink Genetics (Nasdaq: NLNK) will continue a Phase 3 pancreatic cancer trial without modifications.
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In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 fell 17 points to 2088. Bitcoin held steady at $241.
