Greek Bankruptcy Imminent, Markets Plummet

Without additional bailout funds, Greece will be bankrupt in mid-November. The markets opened sharply lower with the Dow plummeting 194 points to 10,460 while Nasdaq tumbled 16 points to 2319.

On the upside

Capstone Investments upgraded American Airlines parent AMR (NYSE: AMR) to a Buy rating while Rodman & Renshaw upgraded the airliner to Market Outperform.


Molycorp (NYSE: MCP) will announce results of a new rare earth deposit at its Mountain Pass mines in California.


MicroStockProfit.com issued a research report on Eastman Kodak (NYSE: EK) which denied bankruptcy rumors late Friday.

On the downside


Anworth Mortgage (NYSE: ANH) will repurchase up to 2 million shares of common stock.


Kodiak Oil & Gas (NYSE: KOG) will pay approximately $235 million in cash to acquire properties in North Dakota from BTA Oil Producers.

DryShips (Nasdaq: DRYS) adjusted downward the conversion price of its convertible notes.

In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 607.

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