A slew of disappointing corporate earnings sent the markets into a tailspin with the Dow collapsing 205 points to 13,343. Nasdaq plunged 67 points to 3005. On the upside
MagicJack (Nasdaq: CALL) reversed year ago losses to post a profit for the third quarter as revenue soared. Shares of Ethan Allen (NYSE: ETH) continued climbing after reporting higher third quarter earnings that surpassed analyst expectations by a wide margin. City National (NYSE: CYN) reported sharply higher third quarter earnings that beat expectations. On the downside Cleveland BioLabs (Nasdaq: CBLI) priced its public offering of 7.5 million units at $2.00 per unit. McMoRan Exploration (NYSE: MMR) widened third quarter losses as revenue tumbled. A. M. Best placed the financial strength rating of Meadowbrook Insurance Group (NYSE: MIG) under review with negative implications. In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 16 points to 821.