On the 20th anniversary of the Black Monday crash, the markets plummeted to close sharply lower over disappointing earnings and record oil prices. The Dow skidded 367 points to 13,522 while Nasdaq plunged 74 points to 2725.
On the upside
Ferris, Baker Watts analyst Matthew Robinson upgraded Packeteer (Nasdaq: PKTR) after the company reported third quarter revenue that surpassed expectations .
PMC-Sierra (Nasdaq: PMCS) narrowed third quarter losses and beat expectations as expenses dropped.
Although Boston Scientific (NYSE: BSX) swung to a loss for the third quarter, sales edged up.
On the downside
Concerns about a shortage of polysilicon supplies weighed down shares of LDK Solar (NYSE: LDK) .
Shares of oil services firm Smith International (NYSE: SII) tumbled after rival Schlumberger reported weakness in North American markets.
BMO analyst Kenneth Zaslow cited limited upside to the stock for downgrading Pilgrim's Pride (NYSE: PPC).
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks stumbled 26 points to 799.