Closing Bell Report
Fears that the federal government will have to bail out Fannie Mae and Freddie Mac sent the markets skidding to a sharply lower close with the Dow plummeting 181 points to 11,479. Nasdaq plunged 36 points to 2417.
On the upside
Dyax (Nasdaq: DYAX) reported positive test results from a late stage clinical trial of its genetic blood disorder treatment DX-88.
Barron's said that R. H. Donnelly (NYSE: RHD) stock will climb once the business stabilizes.
Standard & Poor's affirmed the ratings on collateralized debt obligations and other asset backed securities that are insured by Ambac Financial (NYSE: ABK) and MBIA (NYSE: MBI).
On the downside
The Food and Drug Administration reported two more deaths of patients taking Amylin Pharmaceuticals' (Nasdaq: AMLN) and Eli Lilly's (NYSE: LLY) diabetes drug Byetta. Four additional patients developed pancreatitis.
Investors discounted rumors that disc drive maker Seagate Technology (NYSE: STX) will acquire flash memory card maker SanDisk (Nasdaq: SNDK).
Ladenburg Thalman analyst Richard Bove lowered his earnings estimates for Wells Fargo (NYSE: WFC) saying that loan losses will continue to climb.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 11 points to 742.
On the upside
Dyax (Nasdaq: DYAX) reported positive test results from a late stage clinical trial of its genetic blood disorder treatment DX-88.
Barron's said that R. H. Donnelly (NYSE: RHD) stock will climb once the business stabilizes.
Standard & Poor's affirmed the ratings on collateralized debt obligations and other asset backed securities that are insured by Ambac Financial (NYSE: ABK) and MBIA (NYSE: MBI).
On the downside
The Food and Drug Administration reported two more deaths of patients taking Amylin Pharmaceuticals' (Nasdaq: AMLN) and Eli Lilly's (NYSE: LLY) diabetes drug Byetta. Four additional patients developed pancreatitis.
Investors discounted rumors that disc drive maker Seagate Technology (NYSE: STX) will acquire flash memory card maker SanDisk (Nasdaq: SNDK).
Ladenburg Thalman analyst Richard Bove lowered his earnings estimates for Wells Fargo (NYSE: WFC) saying that loan losses will continue to climb.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 11 points to 742.
