Mid-Day Report

Rising unemployment sent the markets tumbling during the midday with the Dow plunging 148 points to 12,909. Nasdaq plummeted 61 points to 2542.

On the upside

Human Genome Sciences (Nasdaq: HGSI) will be presenting an overview of the company at the 26th Annual JPMorgan Healthcare Conference.

Goldman Sachs upgraded PetroChina (NYSE: PTR).

Shares of Greatbatch (NYSE: GB) rose after Banc of America Securities upgraded the medical components maker.

On the downside

Cleveland BioLabs (Nasdaq: CBLI) lost its bid for a $224.7 million defense contract.

Micrel (Nasdaq: MCRL) blamed disappointing sales in Asia for trimming its fourth quarter guidance.

Credit Suisse downgraded Global Payment (NYSE: GPN) .

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 17 points to 728.

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