November 07, 2007 at 16:32 PM EST
Closing Bell Report

The markets closed sharply lower as the value of the dollar fell further. The Dow skidded 361 points to 13,300 while Nasdaq plunged 76 points to 2749.

On the upside

Shares of Chinese digital airport advertising network company AirMedia (Nasdaq: AMCN) surged on its first day of trading.

Brean Murray, Carret & Co. cited China Finance Online's (Nasdaq: JRJC) strong growth outlook for upgrading the company.

Although Assured Guaranty (NYSE: AGO) swung to a third quarter loss, the results surpassed expectations.

On the downside

Capital One (NYSE: COF) blamed increasing credit card delinquencies and rising mortgage defaults for raising its credit losses forecast prompting a downgrade.

CompuCredit (Nasdaq: CCRT) reported lower third quarter earnings that fell short of expectations prompting JMP Securities to downgrade the stock.

Acme Packet (Nasdaq: APKT) blamed a higher tax rate for third quarter earnings that dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 1 on the NYSE and by a margin of more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 26 points to 776.

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