August 08, 2011 at 17:48 PM EDT
U. S. Credit Rating Downgraded, Markets Crash

The markets plummeted with the Dow crashing 634 points to 10,809 as investors reacted to a downgrade of the nation's credit rating by Standard & Poor's. Nasdaq collapsed 174 points to 2357.

On the upside

Hollysys Automation Technologies (Nasdaq: HOLI) will participate in J.P. Morgan's Greater China Factory Automation Corporate Access Days, CITI's HK/China Mini Conference 2011, 18th CLSA Investors' Forum and Daiwa Green Day 2011 investor events in September.

On the downside

MGIC Investment (NYSE: MTG) subsidiary Mortgage Guaranty Insurance reported an increase in delinquent loans for July.

Defcon announced that Oracle (Nasdaq: ORCL) employees gave away the most security data during a hacking contest over the weekend.

The Dividend Channel expects Charles Schwab (NYSE: SCHW) to pay a quarterly dividend of $0.06 per share on August 26, 2011 to shareholders of record August 12, 2011 but the stock price dropped.

E*Trade Financial (Nasdaq: ETFC) acquiesced to demands from its largest shareholder Citadel and retained the services of Goldman Sachs to explore strategic options.

TheStreet reiterated it's price target of $21.25 for Nvidia (Nasdaq: NVDA) but the stock price fell.

In the broad market, declining issues outpaced advancers by a margin of nearly 16 to 1 on the NYSE and by nearly 24 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks skidded 63 points to 650.
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