World Markets Plunge, Dow Sinks Below 7000
Fears of a deepening global economic crisis sank the world stock markets overnight. The Dow fell below 7000 in early morning trading by plummeting 109 points to 6954. Nasdaq tumbled 16 points to 1362.
On the upside
FTI Consulting (NYSE: FCN) reported higher fourth quarter income that topped analyst estimates as revenue rose and expects higher 2009 revenue.
Argus upgraded Dell (Nasdaq: DELL).
On the downside
American Capital (Nasdaq: ACAS) widened fourth quarter losses by a wide margin.
HSBC Holdings (NYSE: HBC) reported a 70% drop in annual profits, cut its dividend and announced plans to raise $18 billion through the sale of discounted shares.
Conseco (NYSE: CNO) widened fourth quarter losses and delayed the filing of its annual report.
Robert W. Baird downgraded Woodward Governor (Nasdaq: WGOV) after the company lowered its 2009 guidance.
In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 386.
