Investors Sell As Incomes Fall

Investors sold off during the midday as personal incomes fell last month while personal spending slowed. The Dow plunged 138 points to 7787 while Nasdaq tumbled 31 points to 1556.

On the upside

BMO Capital Markets upgraded Apollo Investment Corp. (Nasdaq: AINV).

Synnex (NYSE: SNX) reported higher first quarter earnings that topped analyst estimates prompting an upgrade.

As part of its restructuring plans, Plantronics (NYSE: PLT) will eliminate 670 jobs and shutter a manufacturing plant in China prompting an upgrade.

On the downside

Osiris Therapeutics (Nasdaq: GENZ) halted enrollment in a late stage clinical trial of its stem cell treatment for Crohn's disease Prochymal after discovering a design flaw.

BMO Capital Markets analyst Jeffrey Logsdon downgraded MGM Mirage (NYSE: MGM) and slashed his price target for the casino operator citing CityCenter's lawsuit and upcoming financial agreements.

DHT Maritime (NYSE: DHT) increased its public offering to 9 million shares at $4.35 per share in order to raise approximately $36.7 million.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 437.