Earnings Concerns Sink Stocks

Fears that corporate earnings would disappoint sent the markets tumbling to a sharply lower close with the Dow collapsing 166 points to 16,245. Nasdaq plunged 47 points to 4079.

On the upside

Pixelworks (Nasdaq: PXLW) appointed former Apple (Nasdaq: AAPL) executive David Tupman to its board.

The Memoranda of Understanding between the Office of Thrift Supervision and TFS Financial (Nasdaq: TFSL) was lifted and the company announced a stock repurchase program to buy back up to 5 million shares of common stock.

Shares of Banco Bradesco (NYSE: BBD) rose as the Brazilian government and banks were close to finalizing a loan for electricity distributors.

On the downside

Puma Biotechnology (NYSE: PBYI) reported disappointing results from a Phase II study of its breast cancer treatment PB272.

Sterne Agee analyst Vijay Rakesh said that Micron Technology (Nasdaq: MU) would gain market share with strong product cycles but the stock price fell.

The Wall Street Journal reported that Yahoo (Nasdaq: YHOO) was seeking to enter the original programming sphere with half-hour comedies spanning ten-episode seasons.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 7 to 2 on Nasdaq. The broader S&P 500 plunged 20 points to 1845. Bitcoin lost $11.82 or 2.56% to $449.07.

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