Credit Downgrade Concerns Linger, Markets Close Sharply Lower
Although Congress approved the deficit reduction plan, concerns of a credit downgrade lingered to send the markets tumbling to a sharply lower close with
the
Dow collapsing 265 points to 11,866. Nasdaq plunged 75 points to
2669.
On the upside
Second quarter earnings slipped for Synchronoss Technologies (Nasdaq: SNCR) as expenses climbed but the results topped analyst estimates.
Skilled Healthcare (NYSE: SKH) ended its search for a potential buyer.
SM Energy (NYSE: SM) reported sharply higher second quarter earnings as revenue surged.
General Cable (NYSE: BGC) reported higher second quarter earnings but the results missed analyst expectations.
Talbots (NYSE: TLB) adopted a shareholder rights plan after Sycamore Partners announced that it had acquired a 9.9% stake in the retailer and may seek to purchase the entire company.
Shares of Leap Wireless International (Nasdaq: LEAP) plunged after rival MetroPCS (NYSE: PCS) reported second quarter earnings and revenue that fell short of expectations.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by more than 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 25 points to 767.
