The markets extended its losses during the midday with the Dow plummeting 145 points to 11,024 after a Wall Street Journal article indicated that the Federal Reserve's plan to spur the stagnant economy may be far more conservative than expected. Nasdaq dropped 17 points to 2479.
On the upside
Broadcom (Nasdaq: BRCM) impressed with sharply higher third quarter earnings that more than tripled to top analyst estimates and forecast fourth quarter revenue ahead of expectations.
RF Micro Devices (Nasdaq: RFMD) reported higher second quarter earnings that beat expectations. The company also announced that it won a $1.5 million research and development contract with the Office of Naval Research.
Shares of Compellent Technologies (NYSE: CML) continued to surge after posting third quarter earnings yesterday that far exceeded analyst expectations while forecasting fourth quarter results ahead of estimates.
On the downside
Trident Microsystems (NYSE: TRID) narrowed third quarter losses but the company forecast sequentially lower fourth quarter revenue.
Tsakos Energy (NYSE: TNP) priced its offering of approximately 7.6 million common shares at the discounted price of $11.30 per share.
Exact Sciences (Nasdaq: EXAS) blamed increased expenses for widening third quarter losses.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 698.
