Markets Extend Losses Over Economic Concerns

The markets extended its losses during the midday with the Dow dropping 76 points to 13,850 over economic concerns. Nasdaq tumbled 34 points to 3130.

On the upside

Safeway (NYSE: SWY) reported higher fourth quarter earnings that beat expectations by a wide margin as revenue rose.

A Seeking Alpha contributor expects shares of CombiMatrix (Nasdaq: CBMX) to double the end of February.

HomeAway (Nasdaq: AWAY) reported higher fourth quarter earnings and revenue and forecast current quarter revenue ahead of estimates prompting an upgrade.

On the downside

Qualcomm (Nasdaq: QCOM) introduced a new family of RF360 Front End Solution chips prompting an analyst to downgrade competitors RF Micro Devices (Nasdaq: RFMD) and Skyworks Solutions (Nasdaq: SWKS).

Profit taking sank shares of Chelsea Therapeutics (Nasdaq: CHTP).

Fourth quarter earnings plunged for Synacor (Nasdaq: SYNC).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 index dropped 10 points to 1501.

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