American, Delta, Southwest Tank as Stocks Trade Lower on Greek Drama

Wall Street traded lower in midday trading Monday as the drama in Greece continues. Negotiations between Greece's new Prime Minister and European leaders are not moving forward as the debt-strapped country rolls back austerity measures. Airlines are tanking in the session on a drop in monthly traffic. American (AAL), Delta (DAL) and Southwest (LUV) reported declines in January for a key passenger occupancy data. A downgrade is putting pressure on shares of Alcoa (AA). The stock was revised lower at JPMorgan to a NEUTRAL from OVERWEIGHT rating. Shares of Qualcomm (QCOM) are up on reports the company is close to reaching a settlement with the Chinese government on an anti-competitive investigation. Reuters is reporting Qualcomm will pay a fine of nearly $1 billion.