Closing Bell Report
Despite assurances that the government will stabilize Fannie Mae and Freddie Mac fears of further bank failures sent the markets tumbling to a close with the Dow losing 45 points to 11,055. Nasdaq plunged 26 points to 2213.

On the upside

Shares of Polaris Industries (NYSE: PII) rose ahead of its earnings release tomorrow morning.

Stewart Enterprises (Nasdaq: STEI) rejected an acquisition offer of approximately $881.7 million from rival funeral services Service Corporation International (NYSE: SCI).

Chinese cell phone maker Qiao Xing Universal Telephone (Nasdaq: XING) reversed year ago losses to report a profit for fiscal 2007 as sales rose.

On the downside

Concerns about the solvency of First Horizon National (NYSE: FHN) sent shares of the regional bank tumbling.

Downey Financial (NYSE: DSL) reported that nonperforming assets surged to 14.33% in May from 1.3% a year earlier.

Moody's Investors Service cited a weak air travel market for downgrading AirTran Holdings' (NYSE: AAI) rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 10 points to 665.

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