Mid-Day Report

The markets extended its losses during the midday with the Dow plunging 170 points to 11,218 as investors await further details about the $700 billion government bailout plan.  Nasdaq skidded 44 points to 2230.

On the upside

McAfee (NYSE: MFE) will acquire Secure Computing (Nasdaq: SCUR) in a cash and stock deal valued at approximately $465 million.

Wary investors sought refuge in precious metals to lift silver prices higher.  Shares of Silver Wheaton (NYSE: SLW) climbed. 

Constellation Energy Group (NYSE: CEG) will receive $1 billion in cash from Berkshire Hathaway's MidAmerican Energy Holdings as part of its agreement to be acquired by MidAmerican Energy.

On the downside

Shares regional banks Regions Financial (NYSE: RF) and Marshall & Ilsley (NYSE: MI) fell as investors digest the government's $700 billion bailout plan.

The Wall Street Journal reported that potential suitors of Washington Mutual (NYSE: WM) are insisting that the government provide assistance to facilitate a deal.

Friedman, Billings, Ramsey analyst James Abbott downgraded Sovereign Bancorp (NYSE: SOV) after the company reported $254 million in unrealized losses from the sale of its portfolio of collateralized debt obligation.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 21 points to 732.