The markets posted steep losses during the midday with the Dow collapsing 416 points to 16,112 as China’s manufacturing sector contracted sharply. Nasdaq crashed 115 points to 4,661.
On the upside
Bargain hunters snapped up shares of Forward Industries (Nasdaq: FORD).
Noranda Aluminum (NYSE: NOR) completed a shipment of 31,000 metric tones of smelter grade alumina to a smelter in China.
Deutsche Bank upgraded J.C. Penney (NYSE: JCP) yesterday from a Hold rating to a Buy rating.
On the downside
Axion Power International (Nasdaq: AXPW) received notice from the Nasdaq Stock Market that it failed to meet the minimum $2.5 million stockholders equity for continued listing.
Second quarter shipments of coal from Arch Coal’s (NYSE: ACI) Appalachia segment fell and the price dropped.
Two California pension funds sent a letter to Bank of America (NYSE: BAC) director Jack Bovender opposing an amendment to the bank’s bylaws that would combine the role of chief executive and chairman into one position.
In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 plunged 50 points to 1,921. Bitcoin slipped $2 to $226.
