Cisco's Job Cuts Send Markets Plummeting

The markets extended its losses during the midday with the Dow collapsing 214 points to 15,122 over disappointing corporate news. Nasdaq plummeted 58 points to 3611.

On the upside

Kohl's (NYSE: KSS) reported lower second quarter earnings but same store sales rose.

Fourth quarter earnings surged for Estee Lauder (NYSE: EL) as revenue rose.

Fuwei Films (Nasdaq: FFHL) majority shareholder Weifang State-owned Assets Operation Administration will sell is holdings in the company through a public auction.

On the downside

E-Commerce China Dangdang (NYSE: DANG) narrowed losses for the second quarter but the stock price fell.

Pomerantz Grossman Hufford Dahlstrom & Gross filed a class action lawsuit against Molycorp (NYSE: MCP).

Vipshop (NYSE: VIPS) reversed year ago losses to post a profit for the second quarter but the Chinese online discount retailer forecast disappointing current quarter revenue.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 tumbled 23 points to 1662.

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