Markets Slump Over Disappointing Earnings

Disappointing earnings along with cautious outlooks sent the markets tumbling to a sharply lower close with the Dow plummeting 232 points to 9034. Nasdaq slumped 73 points to 1697.

On the upside

Sprint (Nasdaq: S) announced that it will begin prorating early cancellation fees in December.

Shares of Thornburg Mortgage (NYSE: TMA) continued to climb as bargain hunters snapped up shares of the mortgage lender.

Citi Investment Research analyst Deborah Weinswig expects CVS Caremark (NYSE: CVS) to outperform its rivals.

On the downside

Apple (Nasdaq: AAPL) reported higher fourth quarter earnings as iPhone sales surged but overall revenue fell short of estimates.

Anixter International (NYSE: AXE) disappointed with lower third quarter earnings that fell far short of analyst expectations.

Although Western Union (NYSE: WU) reported higher third quarter results, the payment transfer company withdrew its long-term growth projections and narrowed its full year outlook.

In the broad market, declining issues outpaced advancers by a margin of 7 to 3 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 16 points to 531.

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