A drop in consumer income renewed fears of an extended economic downturn to send the markets tumbling to a sharply lower close with the Dow plummeting 240 points to 10,913.  Nasdaq sank 65 points to 2415.

On the upside

TheStreet listed Pandora Media (NYSE: P) as one of five stocks that are on the verge of of a breakout.

Medicare will cover the costs of Genomic Health’s (Nasdaq: GHDX) Oncotype DX colon cancer test. 

On the downside

Shares of digital media advertising firm Focus Media (Nasdaq: FMCN) continued falling over concerns that the growth of China’s economy will slow.  

Eastman Kodak (NYSE: EK) retained the services of bankruptcy law firm Jones Day.

Camelot Information Systems’ (NYSE: CIS) chairman and chief executive Yiming Ma and director and president Heidi Chou were compelled to sell common stock in the company due to margin loans.

Corn inventories dropped less than expected to weigh down shares of fertilizer firm CF Industries (NYSE: CF). 

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 18 points to 644.