May 23, 2011 at 10:49 AM EDT
Markets Sink At Open On European Debt Concerns

Fears of a worsening debt crisis in Europe sent the markets tumbling to a sharply lower open with the Dow plummeting 145 points 12,366. Nasdaq plunged 48 points to 2754.

On the upside

First quarter earnings more than doubled to beat analyst expectations for Krispy Kreme Doughnuts (NYSE: KKD).

Mad Money's Jim Cramer said that Sequans Communications (NYSE: SQNS) stock price is rising and may be upgraded.

Identive Group (Nasdaq: INVE) signed a three- year Value Added Reseller agreement with NXP Semiconductors (Nasdaq: NXPI) to jointly identify, assess and address new market opportunities for secure identification applications.

On the downside

Shares of Ku6 Media (Nasdaq: KUTV) tumbled ahead of its earnings release tomorrow.

Investors locked in profits on LinkedIn (NYSE: LNKD), whose shares surged last Thursday in its market debut.

Tech Data (Nasdaq: TECD) reported higher first quarter earnings as revenue rose but the results fell short of analyst expectations.

In the broad market, declining issues outpaced advancers by margin of more than 4 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 points to 815.

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