Mid-Day Report


Despite a decline in the nation's trade deficit, the markets fell during the midday over concerns of a slowing economy.  The Dow dropped 79 points to 13,261 while Nasdaq tumbled 32 points to 2604.

On the upside

Upbeat sales prompted KongZhong (Nasdaq: KONG) to boost its fourth quarter revenue guidance.

Gaming promoter Ama International began an exclusive promotion campaign for the VIP gaming business at Melco PBL Entertainment's (Nasdaq: MPEL) Crown Macau.

Ambac Financial (NYSE: ABK) is continuing its investigation into solutions to expand its capital position.

On the downside

ACI Worldwide (Nasdaq: ACIW) reported lower revenue and forecast fourth quarter results well below estimates.

Citi Investment Research analyst Mark Mahaney (Nasdaq: PCLN) downgraded Priceline.com citing valuation concerns.

In a client note, Jefferies & Co. analyst John Lau said that memory chip prices have fallen by half sending shares of memory chip maker Micron (NYSE: MU) tumbling.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 748.

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