Drop In Permits Weighs Down Markets

A sharp drop in home building permits fueled fears of continued weakness in the economy to send the markets lower during the midday with the Dow tumbling 84 points to 10,008. Nasdaq dropped 19 points to 2156.

On the upside

The U. S. Federal Communications Commission approved Telestone Technologies' (Nasdaq: TSTC) Wireless Fiber Distribution System.

While third quarter earnings fell for Werner Enterprises (Nasdaq: WERN), the results surpassed analyst estimates.

Regions Financial (NYSE: RF) swung to a loss for the third quarter but the regional bank reported a 29% increase in new accounts opened in the quarter.

On the downside

Conn's (Nasdaq: CONN) warned of possible losses for the third quarter and withdrew its guidance.

Third quarter earnings for Volterra Semiconductor (Nasdaq: VLTR) fell short of expectations.

Great Atlantic & Pacific Tea (NYSE: GAP) widened second quarter losses and announced the immediate resignation of chief executive Eric Claus.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 612.

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