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Resignation Of ECB Board Member Sends Markets Tumbling

The resignation of European Central Bank Executive Board Member Juergen Stark sent the markets tumbling to a sharply lower open with the Dow plummeting 134 points to 11,161. Nasdaq fell 11 poRints to 2518.

On the upside

Ulta Salon (Nasdaq: ULTA) reported higher second quarter earnings and revenue that topped analyst expectations and forecast current quarter results ahead of estimates.

Swift Transportation (NYSE: SWFT) will provide a mid-quarter update through a conference call on Monday, September 12, 2011.

Marvell Technology (Nasdaq: MRVL) will present its high-definition ARMADA Systems-on-Chips family of media processors at the IBC 2011 being held from September 9-13 in Amsterdam.

On the downside

VeriSign (Nasdaq: VRSN) announced the resignation of chief financial officer Brian Robins.

Lululemon Athletica (NYSE: LULU) reported higher second quarter earnings that topped analyst estimates but the athletic apparel company forecast disappointing third quarter results.

Kroger (Nasdaq: MW) reported higher second quarter earnings and revenue but the grocery store chain warned that rising expenses will impact results.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 6 points to 688.
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