The markets opened lower with the Dow plunging 160 points to 12,480 after Spain officially requested financial assistance for its banks. Nasdaq plummeted 48 points to 2843.
On the upside
A federal court ruled in favor of Teva (NYSE: TEVA) in a patent infringement case over the company's multiple sclerosis treatment Copaxone.
Quest Software (Nasdaq: QSFT) received a higher acquisition offer of approximately $2.32 billion from a strategic bidder.
Anheuser-Busch InBev offered $15 billion to acquire Corona maker Grupo Modelo. Constellation Brands (NYSE: STZ) has an agreement to distribute Corona through 2016.
On the downside
Ventrus Biosciences (Nasdaq: VTUS) reported disappointing results from a late stage clinical trial of its piles treatment VEN 309.
Shares of Nokia (NYSE: NOK) fell after Goldman Sachs cut its global 2012 handset growth outlook from 10% to 4% and its smartphone growth from 42% to 38%.
Reuters reported that Chesapeake Energy (NYSE: CHK) colluded with Encana (NYSE: ECA) to suppress land prices.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 points 761.