A dip in consumer spending in June weighed down the markets during the midday with the Dow falling 22 points to 11,304. Nasdaq dropped 20 points to 2291.

On the upside

Simtek (Nasdaq: SMTK) agreed to be acquired by Cypress Semiconductor (NYSE: CY) for approximately $46 million in cash.

Motorola (NYSE: MOT) recruited Qualcomm (Nasdaq: QCOM) COO Sanjay Jha to lead its handset division and to share chief executive duties with Greg Brown.

Falling crude oil prices lifted shares of Continental Airlines (NYSE: CAL), American Airlines parent AMR (NYSE: AMR) and United Air Lines (Nasdaq: UAUA) .

On the downside

Charlotte Russe Holding (Nasdaq: CHIC) announced the resignation of chief financial officer Patti Johnson which prompted a downgrade.

Falling copper prices weighed down shares of Freeport-McMoRan Copper & Gold (NYSE: FCX).

Analysts downgraded Paetec Holding (Nasdaq: PAET) after the company reported disappointing preliminary seconod quarter revenue.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 707.