Stockhouse @ the Bell: Stocks plunge on profit worries

Today on Stockhouse

Your opinion matters. Submit an article to Stockhouse today at submissions@stockhouse.com. Submission guidelines can be found here.

From 24/7 Wall St. comes “The stock the market underestimated.” What is it? Find out here.

Stockhouse reporter Robert Arber revisited a few (short) friends that fell prey to a Halloween effect of their own October brings ill wind for high flying stocks of 2007.

What’s more crazy than currency? Ask Thom Calandra, who expects the Currency crazies to last ... and last.

Adrian Day, writing for The Gold Report, reveals some eye-opening facts about the U.S. real estate situation in Housing bubble origins too close for comfort.

Steven Saville knows that history is rife with stories of people Trying to get something for nothing, and now is no different.

Top Bullboards post:Sobering commentary from timothy2007, on the Ross River Minerals Inc. (TSX: V.RRM, Stock Forum) Bullboard: “But economic slump will not last forever, for if it does, government revenue in income tax and sale[s] tax will grind to a complete halt, the government cannot function and there will be great chaos leading to social, financial and political unrest.”

Top Bullboard: Horizons BetaPro S&P / TSX 60 Bear Plus ETF (TSX: T.HXD, Stock Forum) takes the lead.

Top blog:5thAmendment looks at the oil price movement during the past seven years in the blog Oil Bulls Biggest Nightmare : A Stronger Dollar

For news about small stocks that made big moves in Wednesday trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.

Word on Wall Street

"It's been a bad earnings season, and what companies tell us has not been inspiring. The news has been gloomy, and, if we believe executives, it is going to get even more gloomy," said Hugh Johnson, chairman of Johnson Illington Advisors, in an interview with MarketWatch.

After-Hours News

Amazon (NASDAQ: AMZN)
After Wednesday's close, the online retailer said it expects fourth-quarter net sales of $6 billion to $7 billion, or growth of 6% to 23% from the year-ago period. Analysts expected growth of about 24% to $7.01 billion. For the full year, Amazon expects net sales of between $18.46 billion to $19.46 billion. Wall Street was looking for $19.5 billion. Amazon's fiscal third-quarter profit surged 48% to $118 million, or 27 cents a share, from $80 million, or 19 cents a share, a year ago. Revenue rose 31% to $4.26 billion. Analysts estimated earnings of 25 cents a share on $4.27 billion in revenue.

Zarlink Semiconductor (TSX: T.ZL)
The semiconductor solutions provider, after Wednesday's closing bell, reported second-quarter revenue of US$61.8 million, up about 25% from $49.6 million during the same period last year. Net income for the quarter was $7.2 million, or five cents a share, exceeding expected second-quarter earnings of between a penny and three cents a share.

Today In The Markets

Stocks tumble, commodities retreat on increasing pessimism over economy

	DJIA	8,519.21	-514.45
	NASDAQ	1,615.75	-80.93
	S&P500	896.78	-58.27
	S&P/TSX	9,236.88	-558.92
	S&P/TSX Venture	900.63	-68.76

TORONTO, NEW YORK (CP) - Stock markets in Toronto and New York racked up big losses Wednesday of around five per cent as disappointing earnings reports and deteriorating economic outlooks sparked another selloff, particularly in commodity-related stocks.

The Toronto S&P/TSX composite index tumbled 558.92 points or 5.7 per cent to 9,236.88 after losing 456 points on Tuesday, led by substantial slides in energy and mining stocks. The TSX Venture Exchange moved down 68.76 points to 900.63.

On Wall Street, the Dow Jones industrial average lost 514.45 points or 5.7 per cent to 8,519.21, after losing 232 points in the previous session. New York's Nasdaq composite index fell 80.93 points to 1,615.75 while the S&P 500 was down 58.27 points to 896.78 extending Tuesday's steep declines.

Please click here for the complete U.S. market summaries.