China Raises Interest Rate, Markets Plunge

The markets tumbled during the midday with the Dow plunging 190 points to 10,953 after China announced an interest rate increase. Nasdaq plummeted 45 points to 2435.

On the upside

Third quarter earnings more than doubled for Capital One Financial (NYSE: COF) to top analyst expectations.

Opto Circuits will pay approximately $55 in cash to acquire Cardiac Science (Nasdaq: CSCX).

MGIC Investment (NYSE: MTG) narrowed third quarter losses more than expected despite lower revenue.

On the downside

A district court ruled in favor of Smith & Nephew in a patent suit filed against the company by Kinetic Concepts (NYSE: KCI).

Illinois Tool Works (NYSE: ITW) reported higher third quarter earnings that topped analyst estimates but the company lowered its full year revenue guidance.

Weatherford International (NYSE: WFT) reported sharply higher third quarter earnings but revenue fell short of expectations.

In the broad market, declinig issues outpaced advancers by a margin of 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 697.

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