Fear Of Extended Economic Slump Sinks Stocks

The markets crashed with the Dow collapsing 391 points to 10,733 as fears of an extended global economic slump weighed on investors. Nasdaq plummeted 82 points to 2455.

On the upside

Clearwire (Nasdaq: CLWR) engaged in discussions with wireless services providers such as AT&T (NYSE: ATT) to sell capacity on its wireless network to the service providers.

A Seeking Alpha contributor listed Travelzoo (Nasdaq: TZOO) as one of four undervalued technology stocks with attractive valuations.

On the downside

SIGA Technologies (NYSE: SIGA) must pay PharmAthene half of its profit from the smallpox treatment ST-246.

Trefis anticipates strong sales of Nvidia's (Nasdaq: NVDA) new Kal-El Tegra processor and said that the stock price may climb to $20 but the stock price fell.

Ford (NYSE: F) began wage and benefit negotiations with the United Auto Workers union.

Sharply lower gold and silver prices weighed down shares of Freeport-McMorRan (NYSE: FCX).

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks stumbled 21 points to 643.

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