Possible Ireland Bailout Sends Markets Tumbling

Fears that the European Union will have to bailout Ireland sent the markets sharply lower during the midday with the Dow plummeting 173 points to 11,028. Nasdaq tumbled 37 points to 2475.

On the upside

Mattel (Nasdaq: MAT) lifted its annual dividend to 83 cents per share from 75 cents per share last year payable on December 16, 2010 to shareholders of record December 3, 2010. The toymaker said that it will pay quarterly dividends rather than annual dividends beginning in fiscal 2011.

Tii Network Technologies (Nasdaq: TIII) reported higher third quarter earnings as sales more than doubled.

Pressure from the international community on Ireland to seek financial assistance from the Eurpean Union lifted shares of The Governor and Company of The Bank of Ireland (NYSE: IRE).

On the downside

Perfect World (Nasdaq: PWRD) disappointed with lower third quarter earnings.

Netlist (Nasdaq: NLST) widened third quarter losses more than expected prompting a downgrade.

China New Borun (NYSE: BORN) reported higher third quarter earnings as revenue increased but expenses surged.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 705.

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