Mid-Day Report
The bankruptcy filing of Lehman Brothers rattled investor confidence to send the markets plummeting during the midday with the Dow collapsing 326 points to 11,096. Nasdaq skidded 51 points to 2210.
On the upside
Vishay Intertechnology (NYSE: VSH) paid $35.2 million to acquire the Wet Tantalum assets of KEMET Corp. (NYSE: KEM).
Citi Investment Research analyst Chip Dillon affirmed his Buy rating for AbitibiBowater (NYSE: ABH) and narrowed his full year loss estimate for the newprint maker.
On the downside
Shares of Axcelis Technologies (Nasdaq: ACLS) plunged to all time lows after Sumitomo placed its discussions to acquire the semiconductor equipment maker on hold.
Although GFI Group (Nasdaq: GFIG) reassured investors that it has no material exposure to Lehman Brothers (NYSE: LEH), which filed for Chapter 11 bankruptcy protection, shares of the brokerage services provider plummeted.
The Wall Street Journal reported that sales of Apple's (Nasdaq: AAPL) iPhone has dropped and total sales will fall far short of the expected one million units that Apple expected to sell.
In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 705.
