August 04, 2011 at 17:31 PM EDT
Markets Crash Over Fears Of Worsening Debt Crisis

Fears of a worsening debt crisis in Europe sent the markets plummeting to close sharply lower with the Dow crashing 512 points to 11,383. Nasdaq collapsed 136 points to 2556.

On the upside

Insight Enterprises (Nasdaq: NSIT) reported higher second quarter earnings as revenue climbed.

Lihua International (Nasdaq: LIWA) responded to allegations of fraud made by Absaroka Capital Management and announced that an independent forensic accounting team reviewed and confirmed company cash balances.

On the downside

McDermott International (NYSE: MDR) disappointed with lower second quarter earnings that fell short of analyst expectations.

Aeropostale (NYSE: ARO) warned that second quarter revenue fell as same store sales tumbled more than expected and cut its earnings guidance.

Allied Irish Banks (NYSE: AIB) will delist from the New York Stock Exchange.

Valeant Pharmaceuticals International (NYSE: VRX) reported higher second quarter earnings but warned that sales of generic versions of its antidepressant Wellbutrin hurt revenue and will continue to negatively impact sales.

In the broad market, declining issues outpaced advancers by a margin of nearly 11 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 45 points to 726.
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