Lear Files For Bankruptcy, Markets Tumble

The markets closed sharply lower with the Dow plunging 161 points to 8163 after auto parts supplier Lear filed for Chapter 11 bankruptcy protection. Nasdaq plummeted 41 points to 1746.

On the upside

Fortune ranked The Female Health Co. (Nasdaq: FHCO) eighth among the top 100 fastest growing publicly traded small companies in America.

Cigna (NYSE: CI) announced that its customer service centers will be staffed 24 hours a day, seven days a week to handle inquiries about its medical, dental and pharmacy benefits beginning on July 24.

Keefe, Bruyette & Woods upgraded KeyCorp (NYSE: KEY) citing the company's valuation and strong capital levels.

On the downside

YRC Worlwide (Nasdaq: YRCW) will resume negotiations with the Teamsters tomorrow.

A federal jury said that an investment firm controlled by former American International Group (NYSE: AIG) chief executive Maurice Greenburg does not have to repay AIG $4.3 billion in stock.

T. Boone Pickens cancelled plans to build the world's largest wind farm. Pickens had ordered $2 billion in turbines from General Electric (NYSE: GE).

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 484.

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