Profit Takers Sink Markets

Profit taking sent the markets tumbling to a lower close with the Dow plunging 148 points to 7776.  Nasdaq plummeted 42 points to 1545.

On the upside

Clarient (Nasdaq: CLRT) entered into Stock Purchase Agreement to sell Series A Convertible Preferred Stock to Oak Investment Partners.

Bargain hunters lifted shares of DryShips (Nasdaq: DRYS), whose stock price fell after reporting a significant fourth quarter loss on Wednesday.

On the downside

KHD Humboldt Wedag International (NYSE: KHD) swung to a loss for 2008.

Shares of CB Richard Ellis (NYSE: CBG) tumbled over fears that more retail tenants will default on leases.

Collins Stewart downgraded ON Semiconductor (Nasdaq: ONNN).

Barclays Capital downgraded Tetra Technologies (NYSE: TTI).

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on both the NYSE and on Nasdaq.  The Russell 2000 which tracks small cap stocks plunged 16 points to 429.