April 15, 2013 at 14:16 PM EDT
Global Economic Concerns Sink Stocks

The markets extended its losses during the midday with the Dow plummeting 152 points to 14,712 as global economic concerns resurfaced. Nasdaq plunged 48 points to 3246.

On the upside

A Food and Drug Administration staff report indicated that the lung disease treatment Breo that is being jointly developed by Theravance (Nasdaq: THRX) and GlaxoSmithKline (NYSE: GSK) may be approved in May.

Acorda Therapeutics (Nasdaq: ACOR) reported positive results from a midstage clinical trial of its Ampyra to help stroke patients improve their walking ability.

The U. S. Supreme Court indicated that it may uphold part of Myriad Genetics' (NYSE: MYGN) patents on human genes.

On the downside

UniTek Global Services (Nasdaq: UNTK) must restate financial reports going back to October 1, 2011 and announced the termination of chief financial officer and treasurer Ronald J. Lejman and the termination of chief accounting officer and controller Kevin McClelland.

Retreating silver prices weighed down shares of First Majestic Silver (NYSE: AG) and Silver Standard Resources (Nasdaq: SSRI).

Despite a recommendation by Institutional Shareholder Services that Walter Energy (NYSE: WLT) shareholders support all ten individuals nominated by the Board, Audley Capital urged shareholders to vote for five nominees that it supports.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The broader S&P 500 index tumbled 21 points to 1567.

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