Economic concerns sink stocks

Economic concerns continued to weigh down the markets with the Dow collapsing 226 points to 17,269. Nasdaq dropped 35 points to 4,967.

On the upside

ReachLocal (Nasdaq: RLOC) lifted its fourth quarter earnings outlook, entered a new financing agreement with VantagePoint Capital Partners and amended its existing agreement with Hercules Technology Growth Capital.

Bargain hunters snapped up shares of Teekay (NYSE: TK).

Park Lane Advisor initiated coverage of Keryx Biopharmaceuticals (Nasdaq: KERX).

On the downside

Great Basin Scientific (NYSE: GBSN) sold 2.724 million units of convertible preferred stock and warrants.

Atwood Oceanics (NYSE: ATW) will delay taking delivery of two new build ultra-deepwater drillships.

Robert W. Baird downgraded Hub Group (Nasdaq: HUBG) from an Outperform rating to a Neutral rating.

In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by more than 10 to 9 on Nasdaq. The broader S&P 500 plunged 20 points to 2,021. Bitcoin gained $5 to $457.

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