Major indices declined sharply in midday trading on concerns in foreign markets.
The S&P 500 was 2.4% to 1,885.32. The Dow Jones Industrial Average was down 1.7% to 16,026.22. The Nasdaq was down 3.1% to 4,540.10.
The yield on a 10-year Treasury bond was down 2.7% to 2.11%.
The price of gold was down 1.1% to $1,133.
BANKING
Irvine-based Pacific Premier Bancorp. Inc. was one Orange County company to buck the markets, with shares up about 1% to $20.20 and a $434 million market cap. Shares were up about 3% earlier in the day after Piper Jaffray analysts initiated coverage on the bank holding company with an “overweight” rating and a price target of $25.
Irvine-based Orange County Business Bank was up 23% to $11.05 and a $52 million market cap. The company said it would be acquired for $55 million.
HEALTHCARE
Irvine-based Endologix Inc. was down 2% to $11.47 and a $777 million market cap. Shares in the maker of devices to treat abdominal aortic aneurysms was upgraded to “buy” at BTIG Research but its price was dragged down by the general market decline.
