Sharply Lower Open On Fed's Stimulus Position

The Federal Reserve indicated yesterday that it may not support additional stimulus measures. The markets opened sharply lower with the Dow plummeting 145 points to 13,054 while Nasdaq plunged 40 points to 3073.

On the upside

Viasystems Group will pay approximately $268 million in cash to acquire DDi (Nasdaq: DDIC).

Magal Security Systems (Nasdaq: MAGS) reversed year ago losses to post a profit for the fourth quarter as revenue more than doubled.

GMX Resources (NYSE: GMXR) announced yesterday that it successfully drilled and completed its fourth Bakken well.

On the downside

SanDisk (Nasdaq: SNDK) blamed weak prices and lower demand for slashing its first quarter revenue outlook.

Hovnanian Enterprises (NYSE: HOV) will raise capital through the sale of 25 million shares of company stock in order to purchase some of its senior unsecured notes.

St. Jude Medical (NYSE: STJ) will no longer sell its QuickSite and QuickFlex Left Ventricular Leads due to a defect.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 825.

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