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Global Economic Concerns Sink Stocks

Global economic concerns sank the markets with the Dow collapsing 236 points to 11,257. Nasdaq plummeted 61 points to 2460.

On the upside

The Food and Drug Administration approved Transcept Pharmaceuticals' (Nasdaq: TSPT) Intermezzo to treat middle-of-the-night awakening with difficulty falling back to sleep.

Walgreens (NYSE: WAG) will offer a free one-day Redbox movie rental to the first 130 customers to make a purchase at one of its more than 7,700 locations nationwide on Thanksgiving Day.

Bargain hunters lifted shares of Collective Brands (NYSE: PSS), whose stock price tumbled yesterday after Susquehanna lowered its price target on the footwear retailer.

On the downside

School Specialty (Nasdaq: SCHS) reported sharply lower second quarter earnings yesterday and cut its outlook for 2012.

Netlist (Nasdaq: NLST) will sell $10 million worth of common shares.

Barnes & Noble (NYSE: BKS) will sell a limited edition of its Nook Simple Touch e-reader for only $79 on Black Friday.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks sank 21 points to 674.

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