Nasdaq 100 Leaders and Laggards: BBBY RIMM

The index, which includes 100 of the largest nonfinancial securities listed on the Nasdaq Stock Market, dropped 78.47 points, or 4.1 percent, to 1,855.39.

The broader Nasdaq composite fell 79.89, or 3.3 percent, to 2,321.37, after analysts made negative comments on General Motors Corp. and Citigroup Inc.

Shares of Research in Motion Ltd. plummeted $19.04, or 13.4 percent, to $123.31, after the BlackBerry device maker forecast second-quarter earnings below Wall Street expectations, even though first-quarter earnings and sales more than doubled.

Level 3 Communications Inc. shares dropped 34 cents, or 9.6 percent, to $3.21.

Shares of Ryanair Holdings PLC lost $2.29, or 7.6 percent, to $27.81, as a spike in oil prices pressured airline carriers.

On the gaining side, only five stocks advanced, including shares of Bed Bath & Beyond Inc., which added $1.22, or 4.3 percent, to $29.79. The home furnishings retailer posted stronger-than-expected fiscal first-quarter results, despite U.S. economic weakness.

Shares of Teva Pharmaceutical Industries Ltd. increased 43 cents to $45.44.

Check Point Software Technologies Ltd. shares gained 17 cents to $23.84 on an analyst upgrade.