Disappointing earnings weighed down the markets during the midday with the Dow plunging 130 points to 12,030. Nasdaq plunged 29 points to 2429.
On the upside
Although Commercial Metals (NYSE: CMC) reported lower third quarter earnings, the results surpassed expectations.
An analyst upgraded International Coal (NYSE: ICO) from Sell to Hold.
On the downside
Analysts downgraded BankUnited Financial (Nasdaq: BKUNA).
MF Global (NYSE: MF) warned that first quarter earnings will fall short of estimates and announced that the company must raise another $300 million to repay debt.Carmax (NYSE: KMX) reported sharply lower first quarter earnings prompting the used car retailer to suspend its full year earnings and sales guidance.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by a margin of nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 730.