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* Market Wrap For April 11: Markets Pick Up Exactly Where They Left Off(Benzinga Lightning Feed Via Acquire Media NewsEdge) U.S. stocks declined sharply for the second day in a row as investors found little reason to reverse Thursday's bullish activity. Right off the bat, JPMorgan reported disappointing quarterly results which led to a decline in the S&P 500 index. The Volatility Index, also known as the "fear index" rose 6.7 percent to 16.96. The Nasdaq index continued to see heavy selling in biotech and Internet stocks. As a result, the index closed below the 4,000 mark for the first time since February. Recommended: Is It Time To Sell The Rips Instead Of Buying The Dips? The Dow lost 0.89 percent, closing at 16,026.75. The S&P 500 lost 0.95 percent, closing at 1,815.69. The Nasdaq lost 1.34 percent, closing at 3,999.73. Gold lost 0.18 percent, trading at $1,318.10 an ounce. Oil gained 0.11 percent, trading at $103.51 a barrel. Silver lost 0.63 percent, trading at $19.97 an ounce.News of Note Producer Price Index rose 0.5 percent, ahead of the 0.1 percent gain expected. Core PPI rose 0.6 percent, ahead of the 0.2 percent gain expected. April Reuters/UofM Consumer Sentiment rose to 82.6 from 80.0. Economists were expecting a reading of 81.0. Kathleen Sebelius, Secretary of the U.S. Health & Human Services will resign after publicly admitting several months ago she should be held accountable for the challenging launch of Obamacare. Chinese Consumer Price Index rose to 2.4 percent year over year in March from 2.0 percent in February. German inflation fell to 1.0 percent year over year in March from 1.2 percent in February. Japan's government approved a plan to reinstate nuclear energy as a key source of energy for the country. Analyst Upgrades and Downgrades of Note Analysts at Bank of America maintained an Underperform rating on ConocoPhillips (NYSE: COP) with a price target raised to $75 from a previous $70. Shares gained 1.66 percent, closing at $70.87. Analysts at FBR Capital downgraded Ellie Mae (NYSE: ELLI) to Market Perform from Outperform with a price target lowered to $29 from a previous $37. Shares lost 5.40 percent, closing at $24.00. Analysts at Deutsche Bank upgraded Ford Motor (NYSE: F) to Buy from Hold with a price target raised to $19 from a previous $18.50. Shares finished the day unchanged at $15.63. Analysts at Bank of America maintained an Underperform rating on Family Dollar Stores (NYSE: FDO) with a price target lowered to $53 from a previous $75. Taking the opposite side, analysts at Credit Suisse maintained an Outperform rating on Family Dollar with a price target lowered to $67 from a previous $75. Shares lost 1.89 percent, closing at $56.09. Analysts at UBS downgraded Corning (NYSE: GLW) to Neutral from Buy. Shares lost 1.83 percent, closing at $20.39. Analysts at Janney Capital downgraded The Gabp (NYSE: GPS) to Neutral from Buy with a price target lowered to $41 from a previous $50. Meanwhile, analysts at Bank of America maintained a Neutral rating on The Gap with a price target lowered to $43 from a previous $45. Shares lost 2.27 percent, closing at $38.40. Analysts at Sterne Agee upgraded Imperva (NASDAQ: IMPV) to Buy from Neutral with a $35 price target. Shares gained 0.46 percent, closing at $28.13. Recommended: Randall Liss of 'The Liss Report' Talks About Volatility Index & Options Strategy Analysts at Stifel Nicolaus maintained a Buy rating on Intel (NASDAQ: INTC) with a price target raised to $30 from a previous $28. Shares lost 0.96 percent, closing at $26.17. Analysts at Keefe Bruyette & Woods upgraded KB Home (NYSE: KBH) to Market Perform from Underperform. Shares lost 1.61 percent, closing at $16.52. Analysts at Bank of America maintained a Neutral rating on PVH Corp (NYSE: PVH) with a price target raised to $125 from a previous $120. Shares lost 1.60 percent, closing at $121.71. Analysts at Credit Suisse maintained an Outperform rating on Rite Aid (NYSE: RAD) with a price target raised to $8.50 from a previous $7. Also, analysts at Imperial Capital maintained an Outperform rating on Rite Aid with a price target raised to $8 from a previous $6.50. Shares gained 1.44 percent, closing at $7.04. Analysts at Mizuho Securities upgraded Toyota Motor (NYSE: TM) to Buy from Neutral. Shares gained 1.48 percent, closing at $104.92. Analysts at Morgan Stanley upgraded Zynga (NASDAQ: ZNGA) to Equal-weight from Underweight. Shares finished the day unchanged at $4.07. Equities-Specific News of Note Cisco (NASDAQ: CSCO) and Juniper Networks (NASDAQ: JNPR) confirmed that the Heartbleed security flaw has been detected in their products including servers, firewalls and routers. Shares of Cisco lost 0.79 percent, closing at $22.47 while shares of Juniper Networks lost 2.21 percent, closing at $24.30. Chinese based AutoNavi (NASDAQ: AMAP) has agreed to Alibaba's previous offer of acquiring the 72 percent of the company it didn't already own for $21 a share. Shares of AutoNovi gained 2.99 percent, closing at $20.65. Analysts at Bank of America said that its possible that SanDisk (NASDAQ: SNDK) could miss both its first quarter and second quarter estimates due to demand and pricing concerns. The company reports its first quarter results on April 16. Shares lost 2.70 percent, closing at $73.65. IAC/InterActive (NASDAQ: IACI) has paid $500 million to buy an additional ten percent of Tinder, a mobile dating app. Shares lost 0.66 percent, closing at $68.82. 3D Systems (NYSE: DDD) expanded its partnership with Canon to include its entire ProJet professional printer line as well as its CubeX desktop printer and its Geomagic 3D object design software. Shares lost 1.50 percent, closing at $48.05. Huntington Ingalls (NYSE: HII) will partner with Kinder Morgan Partners (NYSE: KMP) to explore developing its Avondale shipyard in Louisiana. Shares of Huntington Ingalls lost 1.23 percent, closing at $98.19 while shares of Kinder Morgan gained 1.08 percent, closing at $77.59. Tesla (NASDAQ: TSLA) announced it will begin building a network of local charging stations in Beijing, Shanghai and several other large cities before the fall. Shares lost 0.16 percent, closing at $203.87. Recommended: Goldman Sachs Visits With Tesla Management, Updates Each Business Category General Motors (NYSE: GM) announced that it has sold 919,114 vehicles in China, regaining the top spot among foreign car makers in the country. Shares lost 4.13 percent, closing at $31.92. Anheuser-Busch InBev (NYSE: BUD) has acquired Chinese based Siping Ginsberg Draft Beer Co. for an undisclosed amount. Shares gained 0.13 percent, closing at $105.67. Statoil (NYSE: STO) announced that it discovered up to 75 million barrels of oil and gas in its Valemon Nord prospect in the North Sea. This brings the estimated total recoverable resources at around 206 million barrels of energy. Shares lost 0.20 percent, closing at $27.80. Sina (NASDAQ: SINA) announced it has approved a $500 million share buyback program. Shares lost 1.35 percent, closing at $52.46. Winners of Note Ametek (NYSE: AME) has agreed to acquire Zygo Corp (NASDAQ: ZIGO) for $19.25 per share. Zygo is a high precision optical device manufacturer while Ametek is an electronics manufacturer. The merger is expected to close by the end of the second quarter. Shares of Zygo surged to new 52 week highs of $19.65 before closing the day at $19.43, up 32.36 percent. Shares of Ametek gained 1.25 percent, closing at $50.32. After pricing its IPO at $15, shares of Zoe's Kitchen (NYSE: ZOES) traded for the first time at $25.65 and traded as high as $26.14 before closing the day at $24.72, up 64.80 percent. Decliners of Note Voxeljet (NASDAQ: VJET) plans to sell only three million shares (down from four million) at a price of $15.00, representing a discount of around 19 percent from Thursday's closing prices. The 3D printing system manufacturer plans to use the net proceeds of $41.4 million to use for research and development, sales and marketing and an expansion of its on-demand parts service center as well as beginning construction of a new facility. Shares plunged to new 52 week lows of $15.01 before closing the day at $15.06, down 18.81 percent. Yingli Green Energy (NYSE: YGE) announced late Thursday night that its first quarter shipments could come in lower by more than 30 percent due to weaker demand in China and a project delay in Algeria. The company did reaffirm its full-year guidance of shipping 4 gigawatts to 4.2 gigawatts for the full fiscal year. Shares lost 6.51 percent, closing at $3.88. Recommended: Short Interest in Groupon, Twitter On The Rise (GRPN, TWTR, ZNGA) NQ Mobile (NYSE: NQ) reported its fourth quarter results on Thursday as the company reported an EPS of $0.22, missing the consensus estimate of $0.23. Revenue of $67.9 million beat the consensus estimate of $62.83 million. The company issued a strong guidance and sees its first quarter revenue coming in a range of $75 million to $76 million, above the consensus estimate of $65.5 million. Full year fiscal 2014 revenue is guided to be in a range of $320 million to $325 million, above the consensus estimate of $293.9 million. Despite a strong guidance, investors were clearly worried over the company's disclosure that it had identified an accounting overstatement relating to share based compensation expense during its third quarter 2013 results. The company claimed that the error is due to a calculation error. Shares lost 20.58 percent, closing at $12.70. Earnings of Note This morning, JPMorgan Chase (NYSE: JPM) reported its first quarter results. The company announced an EPS of $1.28, missing the consensus estimate of $1.39. Revenue of $23.86 billion missed the consensus estimate of $24.55 billion. Net income for the quarter fell to $5.3 billion from $6.5 billion in the same quarter last year as the company blamed its top and bottom line misses on “industry-wide headwinds in Market and Mortgage.” Consumer & Community Banking revenue fell ten percent year over year to $10.5 billion as mortgage business is lower by 68 percent from last year. The bank did announce it will increase its dividends to $0.40 per share and $400 million worth of shares were bought back by the company in the quarter with a $6.5 billion authorization plan in tact until the first quarter of 2015. Shares lost 3.66 percent, closing at $55.30. This morning, Wells Fargo (NYSE: WFC) reported its first quarter results. The company announced an EPS of $1.05, beating the consensus estimate of $0.97. Revenue of $20.6 billion was in-line with the consensus estimate. Net income in the quarter rose to $5.9 billion from $5.2 billion in the same quarter last year as the bank saw strong gains in its loan and deposit division and a continued improvement in credit quality. The bank noted that it had strengthen its Common Equity Tier 1 ratio at 11.36 percent as of March 31. In the quarter the company approved an additional 350 million shares in its authority to repurchase back its stock. Shares lost 0.78 percent, closing at $48.08. Quote of the Day “High cash, low leverage…bull markets don't end this way. We think bigger 10-15% correction more likely in autumn as Fed QE ends and rate-hike expectations grow.” - Bank of America's chief investment strategist Michael Hartnett in a note to investors on Thursday. © 2014 Benzinga.com. 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