Banking Losses Send Markets Tumbling

Losses among banking giants Bank of America and Citigroup sent the markets tumbling during the midday with the Dow dropping 67 points to 8145. Nasdaq fell 11 points to 1501.

On the upside

CF Industries (NYSE: CF) offered $2 billion in stock to acquire competing nitrogen fertilizer maker Terra Industries (NYSE: TRA).

Insurer Genworth Financial (NYSE: GNW) said that its application to become a savings and loan is still being reviewed by the U. S. Office of Thrift Supervision. If approved, the company will be eligible for federal assistance.

First Horizon National (NYSE: FHN) narrowed fourth quarter losses as its loan loss provisions declined.

On the downside

Elizabeth Arden (Nasdaq: RDEN) blamed weak sales amidst a sluggish economy for lowering its full year guidance for the second time.

Wells Fargo (NYSE: WFC) announced that it will not extend job offers to 175 employees of Wachovia who did not meet employment eligibility requirements of Wells Fargo.

Concerns of further bankruptcies among financial services companies sent shares of Barclays (NYSE: BCS) tumbling. Barclays refused to accept government bailout funds in October.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 10 points to 453.
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