The major indexes opened lower as world markets extended their losses amid a global financial credit crunch. Japan's Nikkei fell to a 26-year low. The Dow lost 169 points to 8209 while Nasdaq dropped 29 points to 1522.

On the upside

Verizon Communications (NYSE: VZ) posted higher 3rd quarter earnings as a gain of 1.5 million wireless subscribers beat expectations.

Embarq Corp (NYSE: EQ) received a $5.8 billion all-stock offer from rural telephone company CenturyTel (NYSE: CTL).

Sohu.com (Nasdaq: SOHU) posted higher 3rd quarter earnings that beat expectations, raised its outlook and authorized a $150 million stock buyback program.

On the downside

Humana (NYSE: HUM) posted lower 3rd quarter profits as Medicare prescription payments fell and its investment portfolio took some losses.

Arch Coal (NYSE: ACI) reported sharply higher revenues and earnings due to strong demand, but investors worried about the coal producer's outlook.

Shares of medical device maker Thoratec (Nasdaq: THOR) tumbled after the company recalled its small mechanical heart pump that was blamed for the deaths of five patients.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 462.