The markets opened lower as oil prices surged above $90 a barrel. The Dow plummeted 190 points to 13,699 while Nasdaq skidded 37 points to 2762.
On the upside
Needham & Co. upgraded CyberSource (Nasdaq: CYBS) after the electronic payment solutions provider reported a sharp gain in third quarter earnings.
Informatica (Nasdaq: INFA) beat expectations with higher third quarter earnings.
TempurPedic (NYSE: TPX) reported third quarter earnings that surpassed estimates and lifted its full year outlook.
On the downside
Angiotech Pharmaceuticals (Nasdaq: ANPI) released preliminary third quarter results that fell short of expectations.
Caterpillar (NYSE: CAT) reported third quarter earnings that fell short of expectations prompting the heavy equipment maker to cut its full year guidance.
Third quarter earnings fell for SanDisk (Nasdaq: SNDK) due to higher costs and acquisition related charges.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 10 points to 815.