Earnings Warnings And Disapppointing Sales Weigh Down Markets

Earnings warnings and disappointing December retail sales weighed down investor sentiment to send the markets tumbling to a sharply lower close with the Dow skidding 248 points to 8200. Nasdaq plummeted 57 points to 1490.

On the upside

Bruker Daltonics (Nasdaq: BRKR) will provide the Japanese National Police Agency with fifty one units of its forensic toxicology and residue analysis systems.

Yahoo (Nasdaq: YHOO) named Carol Bartz as its new chief executive. Bartz previously helmed Autodesk and turned the foundering company into a $1 billion a year dominant computer aided design software company.

Internet gaming software company CryptoLogic (Nasdaq: CRYP) entered a strategic partnership with Gaming Technology Solutions.

On the downside

First National Bank of Pennsylvania holding company F. N. B. (NYSE: FNB) warned of losses for the fourth quarter and forecast full year results below estimates.

Cliffs Natural Resources (NYSE: CLF) must defer recognition of 1.2 million tons of iron ore, which will lower pretax income by approximately $50 million, due to the shipping schedules of some clients.

Fifth Third Bancorp (NYSE: FITB) chief executive Kevin Kabat recommended that merit raises and bonuses not be awarded to members of the executive management committee.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 21 points to 453.