Global Economic Concerns Sink Stocks
The markets extended its losses during the midday with
the
Dow sinking 275 points to 11,620 over growing concerns of an extended global economic downturn. Nasdaq plummeted 69 points to
2634.
On the upside
Air Transport Services Group (Nasdaq: ATSG) reported higher second quarter earnings.Second quarter earnings surged for Randgold (Nasdaq: GOLD) as production nearly doubled.
Sourcefire (Nasdaq: FIRE) swung to a second quarter loss due to one-time charges but the results were better than expected.
Clearwire (Nasdaq: CLWR) widened second quarter losses and the wireless broadband services provider announced that it will abandon some expansion projects.
Huntsman (NYSE: HUN) posted flat second quarter earnings that missed estimates as expenses climbed.
Leap Wireless (Nasdaq: LEAP) widened losses more than expected.
In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by nearly 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 21 points to 751.
