EU Supports Financial Trading Tax, Markets Plummet

The European Union’s support of a financial trading tax drew strong opposition from the United States. The Dow stumbled 179 points to close at 11,010 while Nasdaq plunged 55 points to 2491.

On the upside

Stifel Nicolaus initiated coverage of Liquidity Services (Nasdaq: LQDT) with a Buy rating.

Synnex (NYSE: SNX) reported higher third quarter earnings that surpasses analyst expectations and forecast fourth quarter results ahead of estimates. 

Although Saba Software (Nasdaq: SABA) widened first quarter losses, the results were better than expected.

On the downside

Glu Mobile (Nasdaq: GLUU) will present at the Craig-Hallum 2nd Annual Alpha Select Conference on Thursday, October 6, 2011. 

Fitch Ratings downgraded Eastman Kodak’s (NYSE: EK) debt ratings.

Sony’s announcement that it would no longer pay for disposable 3-D glasses in movie theaters weighed down shares of RealD (NYSE: RLD), which provides 3-D technology and glasses to movie theaters.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 28 points to 651.

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