The markets closed lower with the Dow plunging 97 points to 12,835 over concerns that Spain may have to infuse its banks with capital. Nasdaq dropped 11 points to 2934.
On the upside
Speculation that Avon (NYSE: AVP) may receive another acquisition offer from Coty lifted shares of the beauty products company.
Credit Suisse initiated coverage of Phillips 66 (NYSE: PSX) with an Outperform rating and a price target of $42.
On the downside
Kronos Worldwide (NYSE: KRO) reported sharply higher first quarter earnings that beat analyst expectations but the company warned that raw materials expenses are expected to soar.
First quarter earnings slipped for FTI Consulting (NYSE: FCN) to fall far short of analyst estimates.
Shares of Amedisys (Nasdaq: AMED) continued falling after reporting sharply lower first quarter earnings yesterday.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 788.