Closing Bell Report

Rising oil prices and disappointing earnings sent the markets tumbling to a sharply lower close with the Dow plummeting 131 points to 12,029.  Nasdaq plunged 28 points to 2430.

On the upside

A Stifel Nicolaus analyst lifted his price target for Consol Energy (NYSE: CNX) citing rising coal prices.

Canadian Solar (Nasdaq: CSIQ) raised its revenue outlook for 2008 due to increased sales to German clients.

Jefferies & Co. initiated coverage of Penn Virginia (NYSE: PVA) with a Buy rating.

On the downside

Analysts were disappointed with Clarcor's (NYSE: CLC) second quarter results even though earnings rose to beat estimates by a penny.

Concerns of further losses in the financial sector sent shares of Regions Financial (NYSE: RF) tumbling.

Shares of SunTrust Banks (NYSE: STI) continued to fall after Goldman Sachs lowered its price target as well as its earnings outlook for the company.

In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 6 points to 731.