Italian Debt Crisis Sinks Stocks

The Italian debt crisis renewed fears of a global financial meltdown sending the markets tumbling during the midday with the Dow sinking 233 points to 11,936. Nasdaq plummeted 59 points to 2667.

On the upside

Bargain hunters lifted shares of Targacept (Nasdaq: TRGT), whose stock price plunged yesterday when the company's antidepressant TC-5214 failed a Phase III clinical trial.


Boston Scientific's (NYSE: BSX) CRE Wireguided Balloon Dilator received a new expanded indication to extract gallstones.


Office Depot (NYSE: ODP) board director Scott Hedrick purchased 50,000 shares of company stock.

On the downside


Alaska Communications (Nasdaq: ALSK) reported a wider than expected loss for the third quarter.


Third quarter earnings plunged for Stec (Nasdaq: STEC) and the company forecast fourth quarter results below expectations.

Maidenform Brands (NYSE: MFB) disappointed with sharply lower third quarter earnings that fell short of expectations and forecast current quarter results below estimates prompting downgrades.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by more than 9 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 20 points to 734.

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