Moody's To Review European Credit Ratings, Markets Plummet

Moody's Investors Service's announcement that it will conduct reviews of the credit ratings of all European countries sent the markets tumbling during the midday with the Dow collapsing 234 points to 11,949. Nasdaq sank 49 points to 2596.

On the upside

Rumors circulated that Verizon (NYSE: VZ) may be interested in acquiring Netflix (Nasdaq: NFLX).   

Martin Marietta Materials (NYSE: MLM) initiated an unsolicited bid of approximately $4.74 billion in stock to acquire Vulcan Materials (NYSE: VMC). 

After completing its strategic review, Sun Life Financial (NYSE: SLF) will no longer offer variable annuity and individual life products in the U. S. beginning on December 30, 2011.

On the downside

Continued concerns about the European debt crisis sank shares of coal producer Alpha Natural Resources (NYSE: ANR). 

ING Group (NYSE: ING) will swap approximately $7.76 billion in subordinated debt in exchange for senior loans and cash. 

Rosetta Resources (Nasdaq: ROSE) reported disappointing results from two exploratory wells in the Southern Alberta Basin.

In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 16 points to 728.