Mid-Day Report
The markets extended its losses during the midday as existing homes sales plunged. The Dow plummeted 150 points to 13,526 while Nasdaq skidded 60 points to 2739.

On the upside

Although third quarter earnings for Paccar (Nasdaq: PCAR) fell due to soft demand, the results beat expectations by 4 cents.

QLogic (Nasdaq: QLGC) reported lower second quarter earnings but revenue surpassed expectations.

While CEC Entertainment (NYSE: CEC) posted lower earnings, the results beat expectations.

On the downside

Riverbed Technology (Nasdaq: RVBD) swung to a third quarter profit but analysts were disappointed that the results merely met expectations rather than beat estimates.

While Electronics for Imagin (Nasdaq: EFII) swung to a third quarter profit, the results fell short of expectations.

Wall Street Journal reported increasing delinquencies of option adjustable rate mortgages originated by Countrywide Financial (NYSE: CFC).

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 21 points to 797.

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