Fear Of Extended Global Recession Weighs Down Markets

Fears of an extended global recession sent the markets tumbling to a sharply lower close with the Dow skidding 312 points to 8379. Nasdaq plunged 52 points to 1552.

On the upside

Inspire Pharmaceuticals (Nasdaq: ISPH) reported upbeat results for a Phase 3 clinical trial of its cystic fibrosis treatment denufosol tetrasodium.

Western Digital (NYSE: WDC) impressed with first quarter earnings that tripled over last year to exceed analyst expectations by a wide margin prompting an upgrade.

Although third quarter earnings dropped for Celestica (NYSE: CLS), the results surpassed estimates prompting an upgrade.

On the downside

Foundry Networks (Nasdaq: FDRY) blamed big expenses for sharply lower third quarter earnings.

Ariba (Nasdaq: ARBA) widened fourth quarter losses despite higher revenue.

Despite reporting sharply higher third quarter earnings that beat expectations, Timken (NYSE: TKR) slashed its fourth quarter outlook saying that scrap metal prices as very volatile.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 19 points to 471.

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