Sharply Lower Close On Disappointing Earnings
Disappointing earnings along with downgrades of five Spanish regions sent the markets tumbling to a sharply lower close with the Dow plummeting 243 points to 13,102. Nasdaq dropped 26 points to 2990.
On the upside
Bargain hunters snapped up shares of Overseas Shipholding Group (NYSE: OSG), whose stock price collapsed yesterday after the company said that it may file for bankruptcy protection.
Apple (Nasdaq: AAPL) failed to introduce an Internet music service which alleviated competition fears for Pandora Media (NYSE: P).
RadioShack (NYSE: RSH) fell to a loss for the third quarter but the results were better than expected.
On the downside
Monster Beverage (Nasdaq: MNST) extended its losses after the Food and Drug Administration confirmed yesterday that it was investigating five possible deaths linked to energy drinks made by Monster.
CIT Group (NYSE: CIT) widened third quarter losses more than expected.
Third quarter earnings for Autoliv (NYSE: ALV) fell more than expected prompting the company to cut its guidance for the full year.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 816.
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