Slew Of Disappointing Earnings Sinks Stocks
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.
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