Prospect Of Civil War In Libya Sends Markets Tumbling
Oil price surged over the looming possibility of a civil war in Libya. The markets extended its losses during the midday with the Dow plunging 169 points to 12,221. Nasdaq plummeted 67 points to 2766.
On the upside
Chesapeake Energy (NYSE: CHK) sold its Fayetteville shale assets for $4.75 billion in cash to BHP Billiton (NYSE: BHP).
While fourth quarter earnings fell for VF (NYSE: VFC), the results beat expectations as revenue rose and the apparel company forecast 2011 earnings ahead of estimates.
Clean Energy Fuels (Nasdaq: CLNE) will provide fuel for UPS' new fleet of 48 liquefied natural gas trucks in Las Vegas, Nevada.
On the downside
A greater than expected 2.4% drop in home prices weighed down shares of homebuilder Hovnanian Enterprises (NYSE: HOV).
Forest Oil (NYSE: FST) disappointed with lower fourth quarter earnings.Daktronics (Nasdaq: DAKT) reversed year ago losses to post a profit for the third quarter but revenue fell short of expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 18 points to 815.
