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The S&P 500 was down 0.3% in midday trading to 2,467.47.
The Dow Jones Industrial Average was down 0.3% to 22,009.00.
The NASDAQ was down 0.5% to 6,338.51.
The yield on a 10-year Treasury bond fell 1.6% to 2.25%.
The price of gold was up 1.4% to $1,280.
Plaza Bancorp (OTC Pink: PLZZ) was up about 9% to $7.10 and a $214 million market cap. The bank holding company said it would be bought by Pacific Premier Bancorp Inc. (NASDAQ: PPBI), which traded recently at a $1.5 billion market cap. Both banks are in Irvine.
Impac Mortgage Holdings Inc. (NYSE: IMH) in Irvine was down 9% to $14.14 and a $295 million market cap. The mortgage lender had net earnings of $6.4 million on revenue of $39.6 million in its most recent quarter, compared with net earnings of $12.3 million on revenue of $69.2 million year-over-year.
Biolase Inc. (NASDAQ: BIOL) in Irvine was down 8.4% to 55 cents and a $42 million market cap. Shares in the dental laser maker, which is in the midst of a turnaround effort, have fallen 40% in two sessions since the company reported $12.6 million in quarterly revenue, a 9% decline year-over-year; the revenue “fell short of internal expectations,” Biolase said, and the company lost $4.3 million in the quarter, compared with a loss of $3.5 million in the same period last year.
Smith Micro Software Inc. (NASDAQ: SMSI) in Aliso Viejo was up 14.3% to $1.09 and a $15 million market cap. The mobile software maker reported a 22% decline in revenue in its most recent quarter to $5.9 million, from $7.5 million but shaved its losses year-over-year by about 23%, with a quarterly net loss of $2.6 million compared with $3.3 million in the same period last year.