The markets extended its losses during the midday as lawmakers prepared to vote on the $700 billion bailout plan. The Dow skidded 266 points to 10,877 while Nasdaq plummeted 96 points to 2088.
On the upside
Shares of Downey Financial (NYSE: DSL) rose over optimism that the $700 billion bailout plan before Congress will save the savings and loan from bankruptcy.
BankAtlantic Bancorp (NYSE: BBX) on Friday declared a quarterly dividend of 2.5 cents per share payable on October 17 to shareholders of record October 3.
Last week, The Finish Line (NYSE: FINL) reported that it reversed year ago losses to post a better than expected profit for the second quarter.
On the downside
Despite reassurances from the regional bank that it is better capitalized than Washington Mutual, shares of National City (NYSE: NCC) lost nearly half their value over fears that it may be the next to file for bankruptcy protection.
Although first quarter revenue rose for Cal-Maine Foods (NYSE: CALM), earnings tumbled as feed expenses climbed.
Nervous investors fearful of further bank failures sent shares of Sovereign Bancorp (NYSE: SOV) plunging even though an analyst upgraded the bank.
In the broad market, declining issues overwhelmed advancers by a margin of more than 10 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummetd 25 points to 679.