Markets Plunge Over Conflict Between North And South Korea
The escalating conflict between North and South Korea exacerbated global economic recovery concerns to send the markets tumbling during the midday with the Dow plunging 196 points to 9870. Nasdaq stumbled 44 points to 2169.
On the upside
The Food and Drug Adminstration approved Genzyme's (Nasdaq: GENZ) late-onset Pompe disease treatment Lumizyme.
Capstone Turbine (Nasdaq: CPST) introduced its CR200 Medium Btu microturbine product that meets the most stringent global emission requirements.
Dynegy (NYSE: DYN) entered a new $150 million credit facility with Morgan Stanley Capital Group.
On the downside
Bank of America downgraded Arkansas Best (Nasdaq: ABFS) and cut its price target to $24 from $35 after the Teamsters rejected proposed wage cuts.DiamondRock Hospitality (NYSE: DRH) will pay approximately $152 million to acquire Hilton Minneapolis. The real estate investment trust also announced an offering of 20 million common shares at $8.40 per share.
AAR (NYSE: AIR) forecast fourth quarter results that fell short of analyst estimates as demand remained weak.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by nearly 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 14 points to 627.
