Despite a decline in the nation's trade deficit, the markets fell during the midday over concerns of a slowing economy. The Dow dropped 79 points to 13,261 while Nasdaq tumbled 32 points to 2604.
On the upside
Upbeat sales prompted KongZhong (Nasdaq: KONG) to boost its fourth quarter revenue guidance.
Gaming promoter Ama International began an exclusive promotion campaign for the VIP gaming business at Melco PBL Entertainment's (Nasdaq: MPEL) Crown Macau.
Ambac Financial (NYSE: ABK) is continuing its investigation into solutions to expand its capital position.
On the downside
ACI Worldwide (Nasdaq: ACIW) reported lower revenue and forecast fourth quarter results well below estimates.
Citi Investment Research analyst Mark Mahaney (Nasdaq: PCLN) downgraded Priceline.com citing valuation concerns.
In a client note, Jefferies & Co. analyst John Lau said that memory chip prices have fallen by half sending shares of memory chip maker Micron (NYSE: MU) tumbling.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 748.