Plunging home prices and rising oil prices sent the markets tumbling to a sharply lower close with the Dow skidding 242 points to 11,386. Nasdaq plummeted 49 points to 2366.
On the upside
Last week, Titanium Metals (NYSE: TIE) announced a quarterly dividend of 7.5 cents per share payable on September 24 to shareholders of record September 10.
Permian Basin Royalty Trust (NYSE: PBT) declared a cash distribution of 27.8952 cents per share payable on September 15 to shareholders of record August 29.
Shares of Elan (NYSE: ELN) rose after the Food and Drug Administration requested that the bitechnology company revise its warning label on its multiple sclerosis drug Tysabri rather than withdraw the drug.On the downside
Hanger Othopedic Group (NYSE: HGR) will raise funds through the sale of up to 13.6 million shares of common stock.
Continued concerns about the health of financial institutions weighed down shares of Bank of America (NYSE: BAC), Washington Mutual (NYSE: WM), and Citigroup (NYSE: C).
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 17 points to 721.
