Continued Economic Concerns Sink Stocks

Continued concerns about the global economy sent the markets tumbling to a sharply lower close with the Dow plunging 105 points to 15,070. Nasdaq dropped 21 points to 3423.

On the upside

Rumors circulated that Charter Communications may be interested in acquiring Time Warner Cable (NYSE: TWC).

Shares of Strategic Hotels & Resorts (NYSE: BEE) continued rising after the company announced yesterday that it had hired a strategic advisor.

Codexis (Nasdaq: CDXS) and Chemtex reached a milestone in their development of detergent alcohols.

On the downside

Seeking Alpha wrote that Celsion's (Nasdaq: CLSN) own press release from yesterday confirmed ThermoDox was a failure.

Orchard Supply Hardware (Nasdaq: OSH) retained the services of BMC Group to assist with its bankruptcy filing.

Walter Energy (NYSE: WLT) withdrew its plan to refinance $1.55 billion.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 index dropped 9 points to 1626.

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