Rising oil prices and disappointing earnings sent the markets tumbling to a sharply lower close with the Dow plummeting 131 points to 12,029. Nasdaq plunged 28 points to 2430.
On the upside
Canadian Solar (Nasdaq: CSIQ) raised its revenue outlook for 2008 due to increased sales to German clients.
Jefferies & Co. initiated coverage of Penn Virginia (NYSE: PVA) with a Buy rating.
On the downside
Analysts were disappointed with Clarcor's (NYSE: CLC) second quarter results even though earnings rose to beat estimates by a penny.
Concerns of further losses in the financial sector sent shares of Regions Financial (NYSE: RF) tumbling.Shares of SunTrust Banks (NYSE: STI) continued to fall after Goldman Sachs lowered its price target as well as its earnings outlook for the company.
In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 731.