Mid-Day Report

Fears that the credit crisis will continue to worsen sent the markets tumbling during the midday with the Dow plunging 151 points to 11,995. Nasdaq skidded 36 points to 2227.

On the upside

Cabot Oil & Gas (NYSE: COG) announced positive results from drilling sites at County Line, Hinton and Moxa Arch.

HCP (NYSE: HCP) will sell some of its health care facilities to Medical Properties Trust (NYSE: MPW) for approxmately $371 million.

Quanta Capital Holdings (Nasdaq: QNTA) declared a special dividend of $1.75 per common share payable on March 28 to shareholders of record March 25.

On the downside

Credit Suisse initiated coverage of Anworth Mortgage Asset (NYSE: ANH) with a Neutral rating.

Lehman Brothers (NYSE: LEH) must pay more to insure its debt as credit concerns continue to plague the financial markets.

A Wall Street Journal article reported that Providence Equity, Wachovia and Clear Channel Communications (NYSE: CCU) are continuing month-long discussions to finalize the sale of television stations.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 11 points to 669.

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