The markets opened sharply lower with the Dow plunging 150 points to 12,858 as Greece struggled to form a government. Nasdaq plummeted 45 points to 2912.

On the upside

Shares of Arena Pharmaceuticals (Nasdaq: ARNA) soared ahead of its meeting with a Food and Drug Advisory Committee on Thursday, May 10 for its obesity treatment Lorcaserin.

Patriot Coal (NYSE: PCX) widened first quarter losses more than expected but thermal coal exports are expected to double this year.

Vitamin Shoppe (NYSE: VSI) reported sharply higher first quarter earnings as sales climbed. 

On the downside

Fossil (Nasdaq: FOSL) reported higher first quarter earnings but revenue fell short of expectations and the fashion accessories company slashed its full year forecast.

Dendreon (Nasdaq: DNDN) narrowed first quarter losses but concerns about competition for its only product Provenge weighed down shares of the biotechnology company.

MAKO Surgical (Nasdaq: MAKO) widened first quarter losses more than expected and cut the sales guidance for its RIO robotic surgery system.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 786.