The markets extended its losses during the midday over disappointing earnings and soaring oil prices. The Dow plunged 195 points to 13,694 while Nasdaq plummeted 37 points to 2763.

On the upside

Titanium Metals (NYSE: TIE) will replace Bausch & Lomb, which is going private, on the S&P 500 .

Standard & Poor's announced that NYSE Euronext (NYSE: NYX) will replace Hilton Hotels on its S&P 500 index and will also replace Limited Brands on its S&P 100 index.

Steven Madden (Nasdaq: SHOO) is exploring the possible sale of the company.

On the downside

Shares of Omnicell (Nasdaq: OMCL) plunged despite sharply higher third quarter earnings.

The Pentagon placed a $376.6 million order for 800 MRAPs with Force Protection (Nasdaq: FRPT) but the stock price tumbled because a larger order was placed with rival International Military and Government.

Although Schlumberger (NYSE: SLB) reported higher third quarter earnings, the stock price fell over weakness in the North American market.

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.