Markets Crash Over Fears Of Extended Global Economic Slump

The markets extended its losses during the midday with the Dow crashing 485 points to 10,639 over investors fears of an extended global economic slump. Nasdaq sank 108 points to 2429.

On the upside

Vical (NYSE: VICL) reported upbeat results for its melanoma treatment Allovectin immunotherapy when used in combination with an anti-CTLA-4 antibody.

Odyssey Marine Exploration (Nasdaq: OMEX) will hold a conference call on Monday September 26 to provide an operational update and to discuss current developments.

On the downside

Second quarter earnings for Steelcase (NYSE: SCS) rose but the results fell short of analyst estimates and the office furniture maker forecast third quarter results below expectations. 

Apple (Nasdaq: AAPL) is opening stores in China at a much slower pace than the company forecast.

Oracle (Nasdaq: ORCL) acquired GoAhead Software for an undisclosed sum.

Manufacturing activity slowed in China to weigh down Chinese search engine Baidu (Nasdaq: BIDU).

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 643.