The markets pared its losses to close mixed with the Dow tumbling 128 points to 8451 as the Group of Seven pledged to take action to quell the global financial crisis. Nasdaq added 4 points to 1650.
On the upside
RAIT Financial Trust (NYSE: RAS) declared a quarterly dividend of 35 cents per common share payable on December 5 to shareholders of record October 31.
As part of its restructuring plan, commercial real estate services company CB Richard Ellis (NYSE: CBG) has laid off approximately 200 people.On the downside
Quest Resource (NYSE: QRCP) announced that it must spend significant capital to develop acreage in the Marcellus Shale in the Appalachian Basin.
Soleil analys Laura Martine downgraded Clear Channel Outdoor Holdings (NYSE: CCO) citing declining demand for billboard and outdoor advertising.
Imation (NYSE: IMN) blamed lower revenue for warning of a third quarter earnings miss prompting an analyst downgrade.
CBS (NYSE: CBS) cut its full year earnings outlook citing the slumping economy.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 23 points to 522.
