Weak Economic Data Sinks Stocks
Soaring wholesale prices along with a sharp drop in new home construction sent the markets into a tailspin with the Dow collapsing 242 points to 11,613. Nasdaq plunged 50 points to 2616.
On the upside
The Wall Street Journal reported that Websense (Nasdaq: WBSN) retained the services of Qatalyst Partners to explore the possible sale of the company.
Superior Industries (NYSE: SUP) reversed year ago losses to post a profit for the fourth quarter.
China Education Alliance (NYSE: CEU) announced that it purchased a 60% stake in Harbin Tianlang Culture and Education School.
On the downside
RAM Energy Resources (Nasdaq: RAME) narrowed fourth quarter losses but revenue slipped.
Shares of nuclear energy company Cameco (NYSE: CCJ) continued falling as Japanese workers struggled to cool damaged nuclear power plants.Harvest Natural Resources (NYSE: HNR) swung to a loss for the fourth quarter.In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points 781.
