Global Economic Concerns Sink Stocks

The markets extended its losses during the midday with the Dow skidding 186 points to 8353 over concerns that the global economy continues to shrink. Nasdaq plummeted 58 points to 1769.

On the upside

Medarex (Nasdaq: MEDX) indicated that its prostate cancer treatment showed promise.

Level 3 Communications (Nasdaq: LVLT) signed an agreement to exchange cash and a new issue of senior convertible notes for part of an existing convertible subordinated notes and convertible senior notes held by institutional investors.

Oncothyreon (Nasdaq: ONTY) launched a global Phase 3 clinical trial of the cancer vaccine Stimuvax.

On the downside

Merrill Lynch downgraded Alcatel-Lucent (NYSE: ALU) saying that there was little upside to the stock price.

Last week, Whiting Petroleum (NYSE: WLL) priced an offering of up to 3 million perpetual preferred stock at $100 per share.

Shares of DryShips (Nasdaq: DRYS) tumbled after FBR Capital Markets analyst Robert Mackenzie downgraded the dry bulk shipping secto

In the broad market, declining issues outpaced advancers by a margin of 6 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 15 points to 496.