Layoffs And Disappointing Earnings Weigh Down Markets

Disappointing earnings and corporate layoffs weighed down the markets to a sharply lower close with the Dow plummeting 224 points to 8274.  Nasdaq skidded 35 points to 1482.

On the upside

Art Technology Group (Nasdaq: ARTG) launched the latest version of its comprehensive, flexible and scalable e-commerce software ATG Commerce Suite 9.

Third quarter earnings for Lowe's (NYSE: LOW) fell as consumers cut spending but the results topped analyst estimates.

Las Vegas Sands (NYSE: LVS) raised $2.1 billion after completing its offering of common stock, preferred stock and warrants.

On the downside

China's state television network reported that search engine Baidu.com (Nasdaq: BIDU) may have sold ads to unlicensed health clinics.

Sun Microsystems (Nasdaq: JAVA) will eliminate 5,000 to 6,000 jobs.

Charles Schwab (Nasdaq: SCHW) merged its institutional branch with its corporate and retirement services unit but there will be no cost savings or headcount changes.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks dropped 5 points to 451.