Markets Extend Losses At Midday

The markets extended its losses during the midday with the Dow plunging 111 points to 10,587 as investors await the Federal Reserve's statement. Nasdaq plummets 41 points to 2264.

On the upside

Gartner (NYSE: IT) reported higher second quarter earnings as revenue rose and the company lifted its full year guidance.

Hanesbands (NYSE: HBI) will pay approximately $55 million in cash to purchase GearCo.

QuinStreet (Nasdaq: QNST) reported a fourth quarter profit as revenue climbed.

On the downside

The Securities and Exchange Commission and the Department of Justice are investigating SciClone Pharmaceuticals (Nasdaq: SCLN) for activities in China that may have violated the Foreign Corrupt Practices Act.

Pegasystems (Nasdaq: PEGA) swung to a wider than expected loss for the second quarter.

Analysts said that computer sales are dropping to weigh down shares of Advanced Micro Devices (NYSE: AMD).

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 645.