Disappointing manufacturing data along with downgrades in the financial sector sent the markets tumbling to close sharply lower with the Dow skidding 135 points to 12,504. Nasdaq plummeted 31 points to 2492.
On the upside
The Food and Drug Administration approved Abiomed's (Nasdaq: ABMD) implanted Impella 2.5 Cardiac Assist Device used to maintain bloodflow during and after surgery in heart failure patients.Brigham Exporation (Nasdsaq: BEXP) announced the completion of two new wells that have lifted production to record levels.
Friedman, Billings, Ramsey analyst David Khani upgraded Massey Energy (NYSE: BTU) saying that coal prices will soar as demand greatly exceeds supply.
On the downside
Standard & Poor's downgraded its debt ratings for Lehman Brothers (NYSE: LEH) and Merrill Lynch (NYSE: MER) to negative citing the continuing credit crisis.Brean Murray downgraded water and sewage services provider Companhia de Saneamento (NYSE: SBS).
The European Medicines Agency recommended approval for Merck's (NYSE: MRK) Gardasil to be used to prevent high-grade vaginal dysplastic lesions.
In the broad market, declining issues outpaced advancers by a margin of more than 11 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 741.
