Stocks Stumble Over Chinese Credit Crisis

Fears of a credit crisis in China sent the markets into a slump with the Dow skidding 139 points to 14,659. Nasdaq sank 36 points to 3320.

On the upside

TradeMonster co-founder Jon Najarian bought shares of Halozyme Therapeutics (Nasdaq: HALO).

Sirius XM Radio (Nasdaq: SIRI) will offer its Sync AppLink voice command technology for Ford (NYSE: F) vehicles.

Microsoft (Nasdaq: MSFT) partnered with Oracle (Nasdaq: ORCL) to offer cloud computing services.

On the downside

Profit taking sank shares of home building products company Trex (NYSE: TREX).

Concerns about the Chinese economy weighed down shares of e-Commerce China Dangdang (NYSE: DANG).

Bloomberg Businessweek questioned the business model of Gogo (Nasdaq: GOGO) saying that most passengers do not and will not pay for inflight Wi-Fi service.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE by more than 3 to 1 on Nasdaq. The broader S&P 500 index tumbled 19 points to 1573.

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