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The Nasdaq Now: Texas Instruments, Western Digital, and Seagate Headline Tech Losses

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Yahoo and ARM Holdings were up on the day.

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MINYANVILLE ORIGINAL US equities plunged in mid-Tuesday trading after a series of poor earnings releases compounded worries of a slowing global economy.

"You can rally on rhetoric, you can rally on monetary policy, but at some point investors need to sink their teeth into something, and this quarter's earnings don't seem to be solid enough," Jack Ablin, chief investment officer at BMO Private Bank in Chicago, told MarketWatch.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) was down 1.01% to 2,986.37 points on average trading volume of 799.85 billion as of 12:02 p.m. EDT.

The largest Nasdaq gainer of the day was Annapolis Bancorp (NASDAQ:ANNB), which soared 47.61% to $11.44 after news that the lender would be acquired by FNB Corp. (NYSE:FNB) in a $51 million stock-only deal. The price values one share of Annapolis at $12.09, a 49% premium to the stock's closing price of $8.10 on October 19.

ARM Holdings (NASDAQ:ARMH) also bucked the bearish trend, surging 9.12% to $30.68 after a strong earnings release. The mixed-signal chip designer beat earnings and revenue expectations, and also grew revenue 20% year-on-year to a quarterly record of $228 million.

Also rising after a consensus-beating earnings report was Yahoo (NASDAQ:YHOO), which improved 5.71% to $16.67. Analysts were heartened by the search giant's earnings and revenue beats, which indicated that its core business still had life in it.

"What Yahoo needs to do is prove the potential for sustained growth. It doesn't have to be double digit growth, just sustained solid single digit growth," wrote Citi's Mark Mahaney. "That should be a low bar for a major consumer Internet franchise, especially one with a newfound and necessary focus on product innovation."

Monster Beverage (NASDAQ:MNST) was among the biggest losers, sliding 8.18% to $41.99. The company had fell 14% the day prior after the FDA confirmed that it had received five reports that cited Monster's energy drink as a cause of death. The FDA noted that it had not found any evidence to establish such a link, and that its investigation was still ongoing. Because of the allegations, Goldman Sachs has removed the stock from its Conviction Buy list.

Weaker-than-forecast earnings reports also caused Texas Instrument (NASDAQ:TXN) (-1.44% to $27.39) and Western Digital (NASDAQ:WDC) (-3.15% to $34.17) to decline. Worries about Western Digital also caused rival hard disk drive maker Seagate Technology (NASDAQ:STX) to retreat 4.35% to $27.08.

Twitter: @sterlingwong
No positions in stocks mentioned.
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