Fear Of Bank Nationalization Weighs Down Markets

Bank nationalization concerns and a rise in January consumer prices weighed down the markets during the midday with the Dow plummeting 179 points to a six year low of 7287. Nasdaq tumbled 22 points to 1421.

On the upside

Although Career Education (Nasdaq: CECO) reported lower fourth quarter revenue, earnings surged as costs dropped.

Second quarter earnings for Intuit (Nasdaq: INTU) fell but the results surpassed analyst expectations.

Cabela's (NYSE: CAB) fourth quarter earnings dropped but the results topped estimates.

On the downside

Chiquita Brands International (NYSE: CQB) blamed significant charges for sharply wider fourth quarter losses.

Century Aluminum (Nasdaq: CENX) cited hefty one-time charges for widening fourth quarter losses.

CIBER (NYSE: CBR) will offer 8 million shares of common stock at $2.75 per share.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 12 points to 405.