On the upside
IPC Holdings (Nasdaq: IPCR) posted a quarterly loss, but management remained optimistic about the outlook for the property insurance firm.On the downside
PNC Financial Services Group (NYSE: PNC) offered $5.6 billion, mostly in stock, to buy Ohio's National City Corp. (NYSE: NCC) and will receive receive $7.7 billion in capital from the federal government.Shares of Sony (NYSE: SNE) fell sharply after the Japanese electronics giant slashed its profit outlook due to slowing global sales.
Real estate investment trust ProLogis (NYSE: PLD) lowered its outlook due to weak economic conditions.
Oil prices fell to $63 a barrel. Share of Exxon Mobil (NYSE: XOM) and ConocoPhillips (NYSE: COP) dropped.
Networking equipment maker Juniper Networks (Nasdaq: JNPR) posted higher 3rd quarter revenues and profits, but investors remained worried about the company's outlook.
In the broad market, declining issues overwhelmed advancers by a margin
of 15 to 1 on the NYSE and by 7 to 1 on Nasdaq. The Russell 2000
which tracks small cap stocks tumbled 26 points to 463.
