Investors found more reasons to sell stocks Thursday, sending the Nasdaq to a new yearly low on rising Mideast tensions, a Wal-Mart
downgrade, a Ford
dividend cut and disappointing results from SAP
SAP tumbled 7% after new software license sales came in well below estimates, as the business software giant lost market share to Oracle
in the quarter, but the company reiterated expectations for 15-17% growth for the full year. Still, the results were enough to spook investors already worried about a slowdown.
The Nasdaq fell 36 to 2054, the S&P 500 lost 16 to 1242, and the Dow tumbled 166 to 10,846. Volume rose to 2.55 billion shares on the NYSE, and 2.07 billion on the Nasdaq. Decliners led 25-8 on the NYSE, and 24-6 on the Nasdaq. Downside volume was 87% on the NYSE, and 87% on the Nasdaq. New highs-new lows were 23-149 on the NYSE, and 35-211 on the Nasdaq.
, Multi Fineline
fell on their results.