Asian Inflationary Fears Sends Markets Tumbling

Asian inflationary fears sent the markets tumbling to a sharply lower close with the Dow plummeting 178 points to 11,023. Nasdaq plunged 43 points to 2469.

On the upside

Blackstone Group (NYSE: BX) increased its acquistion offer for Dynegy (NYSE: DYN) to $5 per share from $4.50 per share. 

Universal Travel Group (NYSE: UTA) reported higher third quarter earnings as revenue climbed.

JMP Securities analyst Douglas Ireland upgraded Brocade Communications (Nasdaq: BRCD) to a rating of Market Outperform.

On the downside

While QKL Stores (Nasdaq: QKLS) reversed year ago losses, the results fell short of expectations.

General Growth Properties (NYSE: GGP) priced its secondary public offering of 155 million shares at $14.75 per share.

Shares of Las Vegas Sands (NYSE: LVS) fell after Macau announced that it will increase regulation of casinos.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 705.