Savings Rate Rises, Markets Fall

The markets extended its losses during the midday with the Dow dropping 62 points to 8410 as consumers save more than they spend. Nasdaq lost 4 points to 1825.

On the upside

Seagate Technology (Nasdaq: STX) lifted its outlook for the fourth quarter yesterday prompting an analyst upgrade.

Second quarter earnings for Tibco Software (NYSE: TIBX) nearly tripled to top estimates.

Boston Scientific (Nasdaq: BSX) appointed Ray Elliott to the position of president and chief executive replacing retiring CEO Jim Tobin.

On the downside

Shares of Chico's FAS (NYSE: CHS) fell after the Commerce Department reported that consumers saved at the highest rate in 15-years.

Fitch Rating lowered Delta Air Lines' (NYSE: DAL) debt rating.

Third quarter earnings and revenue tumbled for Robbins & Myers (NYSE: RBN) and the company.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 506.