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Markets Extend Losses As Consumer Confidence Drops

The markets extended its losses during the midday with the Dow plunging 127 points to 11,786 as consumer confidence dropped unexpectedly. Nasdaq plummeted 46 points to 2653.

On the upside

Fortinet (Nasdaq: FTNT) reported higher third quarter earnings as revenue climbed.

Third quarter earnings for Illumina (Nasdaq: ILMN) dropped as revenue slipped but the genetic analysis instrument maker announced restructuring plans to lower expenses.

Third quarter earnings for Unisys (NYSE: UIS) more than doubled to beat expectations by a wide margin as revenue climbed.

On the downside

Investors locked in profits on CIENA (Nasdaq: CIEN), whose stock price climbed yesterday on news that its Carrier Ethernet Service Delivery portfolio and Ethernet Service Manager solutions would be used for a new fiber optic network being built by Fibertech Networks.

Rising crude oil prices weighed down shares of Marathon Petroleum (NYSE: MPC).

U. S. Steel (NYSE: X) reversed year ago losses to post a better than expected profit for the third quarter but warned of weakness for the fourth quarter.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 724.

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