Economic Growth Forecast Cut, Markets Plunge

The markets extended its losses during the midday with the Dow plunging 112 points to 10,879 after economists from the National Association for Business Economics cut their growth forecast for the nation's economy down to 1.7% from 2.8%. Nasdaq fell 8 points to 2459.

On the upside

M & F Worldwide (NYSE: MFW) will merge with a subsidiary of MacAndrews & Forbes Holdings.

Susquehanna Financial Group analyst Christopher Caso upgraded Marvell Technology (Nasdaq: MRVL) to a Positive rating.

Bank of America (NYSE: BAC) will eliminate approximately 30,000 jobs through attrition and leaving unfilled positions open in order to save approximately $5 billion each year.


On the downside


Colfax (NYSE: CFX) will acquire Charter International in a cash and stock deal valued at approximately $2.4 billion.


Concerns that a possible downgrade of French banks could lead to downgrades of banks in neighboring nations weighed down shares of Banco Santander (NYSE: STD) and Deutsche Bank (NYSE: DB).


Carol Bartz, who was fired from her position as chief executive officer of Yahoo (Nasdaq: YHOO) last Tuesday, resigned from the company's board of directors.


In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 670.

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