Markets Plunge As Earnings Disappoint

Disappointing earnings sent the markets tumbling to a sharply lower open with the Dow plummeting 138 points to 15,789. Nasdaq dropped 33 points to 4064.

On the upside

A district court ordered Google (Nasdaq: GOOG) to pay Vringo (Nasdaq: VRNG) a royalty rate of 6.5% for continued patent infringement.

RF Micro Devices (Nasdaq: RFMD) reversed year ago losses to post a profit for the third quarter as revenue rose.

Dow Chemical (NYSE: DOW) swung to a fourth quarter profit that exceeded analyst expectations by a wide margin, raised its quarterly dividend and increased the size of its stock repurchase plan.

On the downside

Yahoo (Nasdaq: YHOO) reported higher fourth quarter earnings but revenue fell.

Third quarter earnings dropped for Cirrus Logic (Nasdaq: CRUS) as revenue fell and the company forecast current quarter revenue below expectations.

CommVault Systems (Nasdaq: CVLT) reported higher third quarter earnings and revenue but the stock price fell.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 dropped 12 points to 1779. Bitcoin lost $23.67 or 2.55% to $928.13.

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