Fears Of Weak European Economy Sink Stocks
On the upside
THQ (Nasdaq: THQI) reversed year ago losses to post a third quarter profit and forecast fourth quarter results ahead of estimates.
Kulicke & Soffa Industries (Nasdaq: KLIC) reported first quarter results that surpassed expectations by a wide margin and forecast second quarter revenue above estimates.
Third quarter earnings nearly doubled for 99 Cents Only Stores (NYSE: NDN).
On the downside
Penn National Gaming (Nasdaq: PENN) narrowed fourth quarter losses but forecast first quarter and full year results below expectations.
Caisse de Depot sold over $10 million worth of Patriot Coal (NYSE: PCX) stock.
Standard Pacific (NYSE: SPF) posted profit for the fourth quarter but revenue fell.
In the broad market, declining issues outpaced advancers by a margin of nearly 8 to 1 on the NYSE and by a margin of nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 589.