Sharply Lower Open Over Global Economic Concerns

Global economic concerns weighed down the markets to a sharply lower open with the Dow tumbling 88 points to 11,268. Nasdaq plunged 34 points to 2544.

On the upside

Netflix (Nasdaq: NFLX) selected Level 3 Communications (Nasdaq: LVLT) to be its primary content delivery network provider.

Standard & Poor's will replace Pactiv (NYSE: PTV) on its S&P 500 index with Ingersoll-Rand (NYSE: IR) next Tuesday. Reynolds Group Holding is acquiring Pactiv.

Shares of Unitek Global Services (Nasdaq: UNTK) surged on its first trading day.

On the downside

Cisco (Nasdaq: CSCO) reported higher first quarter earnings that topped analyst estimates but offered a disappointing outlook for the second quarter.

Aegean Marine Petroleum Network (NYSE: ANW) disappointed with sharply lower third quarter earnings that fell short of analyst expectations.

RINO International (Nasdaq: RINO) responded to allegations of fraud by Muddy Waters by launching an internal investigation into its business practices.

In the broad market, declinig issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 726.