On the upside
Align Technology (Nasdaq: ALGN) announced cost cutting measures including the elimination of 111 positions and the consolidation of various functions in a Costa Rica facility.Developers Diversified Realty (NYSE: DDR) will sell thirteen properties to raise approximately $890 million. The real estate investment trust also suspended its fourth quarter dividend and lowered its 2009 payout.
MEMC Electronic Materials (NYSE: WFR) reported sharply higher third quarter earnings as higher product volume lifted revenue.
On the downside
Las Vegas Sands (NYSE: LVS) must raise more capital because the slumping economy has negatively impacted the casino business.
Rumors that Vimpel Communications (NYSE: VIP) chief executive Alexander Izosimov was resigning and that Alfa Group which owns 44% Vimpel was selling its stake in the mobile phone company sent shares of the company tumbling. Both rumors have been denied.
In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 15 points to 475.