Soaring oil prices along with Microsoft's withdrawal of its nearly $50 billion offer for Yahoo sent the markets down to a lower close with the Dow tumbling 89 points to 12,970. Nasdaq dropped 13 points to 2464.
On the upsideLast week, Vanda Pharmaceucticals (Nasdaq: VNDA) reported a smaller than expected loss for the first quarter prompting Caris & Co. analyst David Moskowitz to initiate coverage of the company with a Buy rating.
Analysts upgraded Walter Industries (NYSE: WLT) and lifted their price targets for the company citing higher coal prices.
First quarter earnings for Alpha Natural Resources (NYSE: ANR) more than tripled as coal prices climbed and exports increased.
On the downside
Although first quarter earnings for HMS Holdings (Nasdaq: HMSY) rose, the results fell short of estimates.
Hewitt Associates (NYSE: HEW) blamed a drop in revenue from its consulting unit for second quarter earnings that missed expectations.Higher expenses and lower than expected use of vessels weighed down fourth quarter earnings for Tidewater (NYSE: TDW) to fall short of expectations.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 4 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 724.