Markets Tumble Over Soaring Jobless Claims

A surprising jump in jobless claims along with soaring foreclosure rates sent the markets tumbling with the Dow plunging 201 points to 8082.  Nasdaq skidded 44 points to 1456.

On the upside

The Food and Drug Administration accepted additional data provided by AMAG Pharmaceuticals (Nasdaq: AMAG) for the company's anemia treatment ferumoxytol.

As part of its plan to reduce its workforce and lower long term expenses, Sprint Nextel (NYSE: S) announced that it will offer voluntary buyouts to employees.

ProLogis' (NYSE: PLD) new chief executive Walter Rakowich unveiled a plan to increase liquidity and reduce risk.

On the downside

AgFeed Industries (Nasdaq: FEED) blamed lower hog prices along with an increase in supply for third quarter earnings that fell short of estimates.  The company cut its full year guidance.

Wellcare Health Care Plans (NYSE: WCG) does not know when it will be able to file past quarterly financial reports.

Colonial BancGroup (NYSE: CNB) applied to participate in the federal government's capital purchase plan.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks plummeted 19 points to 434.