The markets tumbled to close sharply lower with the Dow plummeting 155 points to 8418 as banks began issuing stock to raise capital. Nasdaq fell 7 points to 1731.
On the upside
D&E Communications (Nasdaq: DECC) will be acquired by Windstream (NYSE: WIN) in a cash and stock deal valued at approximately $159 million.
Shares of Vanda Pharmaceuticals (Nasdaq: VNDA) continued rising after the FDA approved the biopharmaceutical's schizophrenia treatment Fanapt.
Shares of Compton Petroleum (NYSE: CMZ) surged ahead of its earnings release after market close.
On the downside
Principal Financial Group (NYSE: PFG) will offer approximately 42.3 million common shares in order to raise about $1 billion.
E*Trade Financial (Nasdaq: ETFC) will raise approximately $150 million through the sale of common stock.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 501.
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