Stocks Plunge Over Fiscal Cliff Concerns
Concerns that lawmakers will fail to address the fiscal cliff sent the markets into a tailspin during the midday with the Dow collapsing 272 points to 12,973. Nasdaq plummeted 67 points to 2943.
On the upside
Star Tribune reported that Best Buy (NYSE: BBY) founder Richard Shulze would most likely make a formal offer to acquire the electronics retailer next week.
Time Warner (NYSE: TWX) reported higher third quarter earnings that topped analyst expectations even as revenue slipped.
Amyris (Nasdaq: AMRS) narrowed third quarter losses more than expected as expenses dropped. On the downside
Third quarter earnings and revenue rose for Quality Distribution (Nasdaq: QLTY) but the results fell short of analyst expectations.
Juniper Networks (NYSE: JNPR) will no longer contract with Plexus (Nasdaq: PLXS) to provide manufacturing services.
STEC (Nasdaq: STEC) fell to a loss for the third quarter as revenue tumbled and the company forecast current quarter results below expectations.
In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 805.
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