A sharp drop in service sector activity along with uncertainty over president elect Barack Obama's economic policies sent the markets into a tailspin with the Dow slumping 486 points to 9139. Nasdaq skidded 98 points to 1682.
On the upside
Greatbatch (NYSE: GB) reported sharply higher third quarter earnings as revenue surged as a result of acquisitions.
Shares of Venoco (NYSE: VQ) surged ahead of its earnings release tomorrow.
Although Georgia Gulf (NYSE: GGC) swung to a loss for the third quarter due to hurricane disruptions, the results beat analyst expectations.
On the downside
MBIA (NYSE: MBI) widened third quarter losses due to exposure to credit derivatives related to the sluggish housing market.
Third quarter net income rose for Quanta Services (NYSE: PWR) but the company forecast fourth quarter results below expectations.
Strategic Hotels (NYSE: BEE) reported lower third quarter funds from operations, suspended its quarterly dividend for common stock holders and forecast disappointing fourth quarter result.
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks collapsed 31 points to 515.
