Mid-Day Report

Disappointing earnings weighed down the markets during the midday with the Dow plunging 130 points to 12,030.  Nasdaq plunged 29 points to 2429.

On the upside

Health Care Service will purchase healthcare information technology services company MEDecision (Nasdaq: MEDE) for approximately $121 million in cash.

Although Commercial Metals (NYSE: CMC) reported lower third quarter earnings, the results surpassed expectations.

An analyst upgraded International Coal (NYSE: ICO) from Sell to Hold.

On the downside

Analysts downgraded BankUnited Financial (Nasdaq: BKUNA).

MF Global (NYSE: MF) warned that first quarter earnings will fall short of estimates and announced that the company must raise another $300 million to repay debt.

Carmax (NYSE: KMX) reported sharply lower first quarter earnings prompting the used car retailer to suspend its full year earnings and sales guidance.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by a margin of nearly 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks fell 7 points to 730.