Markets Tumble Ahead Of Earnings

The markets tumbled during the midday with the Dow plummeting 178 points to 7798 in anticipation of disappointing earnings. Nasdaq plunged 36 points to 1571.

On the upside

First Marblehead (NYSE: FMD) sold its interest in NC Residuals Owners Trust and should receive a refund for taxes already paid.

Lincoln National (NYSE: LNC) repaid $500 million in debt and expects to pay another $200 million in the next few weeks.

Image Entertainment (Nasdaq: DISK) and Nyx Acquisitions agreed to a third amendment to their merger agreement.

On the downside

YRC Worldwide (Nasdaq: YRCW) warned that it will take a $185 million one-time charge in the first quarter.

Standard & Poor's Equity Research analyst Erik Kolb downgraded International Speedway (Nasdaq: ISCA) after the company posted lower first quarter earnings and lowered its full year outlook.

SMH Capital downgraded WMS Industries (NYSE: WMS).

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 440.