Fiscal stress in Portugal triggers stock sell-off

A sell-off in Portuguese bonds sent shockwaves throughout the European and U.S. stock markets as investors shifted from stocks to U.S. Treasuries and gold. The Dow eventually pared half of its losses and finished the session at 16,915, down 70 points. Nasdaq lost 22 points to close at 4,396.

On the upside

TRW Automotive (NYSE: TRW) reportedly received a buyout offer and sent its stock to a record high.

Shares of Digital Ally (Nasdaq: DGLY) more than doubled after the company received a patent for its VuLink connectivity system which lets law enforcement agencies record video inside and outside of vehicles.

AmREIT (Nasdaq: AMRE) was the target of a $430 million buy-out offer from Regency Centers (NYSE: REG).

On the downside

Shares of Potbelly (Nasdaq: PBPB), a sandwich shop operator, lost nearly a quarter of its value to sink below its IPO price of $14 set last October.

Ocera Therapeutics (Nasdaq: OCRX) priced a secondary offering of 4.2 million shares at $6 apiece. The stock promptly fell below that level.

Shares of Lumber Liquidators (NYSE: LL) tumbled after the flooring retailer lowered its 2004 revenue and earnings outlook.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 lost 8 points to close at 1,964. Bitcoin rose $1 to $620.

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