Disappointingly slow growth in the fourth quarter of 2007 sent the markets tumbling to close sharply lower with the Dow plunging 120 points to 12,302. Nasdaq plummeted 44 points to 2281.
On the upside
Third quarter earnings surged for ConAgra (NYSE: CAG) to surpass estimates prompting the company to raise its full year outlook.
Movado (NYSE: MOV) attributed higher fourth quarter earnings to a special one-time tax gain and growth in its international business.
Citi Trends (NYSE: CTRN) reported higher fourth quarter earnings that beat expectations and forecast 2008 results ahead of estimates.
On the downside
An analyst downgraded Microtune (Nasdaq: TUNE) after the company filed a complaint with the National Telecomunnications and Information Administration alleging that chips made by competitors failed to meet performance requirements established by the regulatory agency.
Second quarter earnings for Robbins & Myers (NYSE: RBN) rose as sales surged but some analysts expected higher income.
Shares of MEMC Electronic Materials (NYSE: WFR) plunged after a competitor signed a contract to provide the solar market with lower quality silicon.
In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 692.