Morgan Stanley warned that the nation was poised on the brink of a recession and cut its global growth guidance sending the markets tumbling to a sharply lower open with the Dow crashing 425
points to 10,984. Nasdaq collapsed 110
points to
2400.
On the upside
The Food and Drug Administration granted DARA Biosciences' (Nasdaq: DARA) chemotherapy-induced neuropathic pain treatment KRN5500 Fast Track status.Second quarter earnings fell for Sina (Nasdaq: SINA) as expenses climbed but revenue rose to top analyst estimates.
Shares of Eastman Kodak (NYSE: EK) continued rising as the company explores the sale of its extensive patent portfolio.
On the downside
NetApp (Nasdaq: NTAP) reported lower first quarter earnings and announced the retirement of chief financial officer Steve Gomo at the end of the year.
State owned China Central Television engaged in a campaign against Baidu (Nasdaq: BIDU) by criticizing the search engine's bid ranking system and accusing the Baidu of failing to police its message boards.
Apple (Nasdaq: AAPL) announced the departure of mobile advertising executive Andy Miller.
In the broad market, declining issues outpaced advancers by a margin of more than 13 to 1 on the NYSE and by more than 15 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 37 points to 666.
