11:45 PM – New York – Airlines, real estate and financials fell sharply on tight credit conditions.

Advance Auto Parts, Inc (AAP) fell 12.5% or $4.13 to $30.29. The retailer of auto parts expects third quarter earnings of approximately $0.57 a share, lower than the consensus estimate of $0.66 a share for the quarter ending October 4, 2008.

Advanced Micro Devices, Inc (AMD) gained 17% or 75 cents to $4.99. The microprocessor maker has formed a joint venture with Abu Dhabi investment fund Mubadala Development Co. which will invest $6 billion and build a fabrication facility in up-state New York and upgrade one of the two fabrication facilities in Germany.

Airlines fell drastically on the worries that tighter lending conditions may hamper airlines in leasing additional aircrafts. The parent of United air UAL Corp (UAUA) dropped 25.1% or $1.68 to $5.02 and the parent of American Airlines AMR Corp (AMR) fell 19% or $1.55 to $6.75 and Continental Airlines, Inc dropped 19.4% or $2.61 to $10.84 and Southwest Airlines Co (LUV) fell 4.7% or 60 cents to $12.21.

Apartment Investment and Management Co. (AIV) dropped 27% or $9.50 to $25.50 on the worries that many real estate investment trusts will not be able to refinance short term debt in the near future. Bloomberg News reported that Keefe, Bruyette and Wood lowered its earnings estimates after several of its properties were damaged by Hurricane Ike and Tropical Storm Fay.

Simon Property Group (SPG) dropped 10% or $8.23 or $73.01 and Developers Diversified Realty (DDR) fell 13% or $3.25 to $22.26.

Bank of America Corp (BAC) sank 26.00% or $8.45 to $23.77. The bank announced a plan to cut its dividend and raise $10 billion to offset rising loan losses. It also reported quarterly earnings fell by 68%. Regional banks declined as well. Regions Financial (RF) plunged 12.3% or $1.49 to $10.64 and SunTrust Banks (STI) dropped 7.7% or $3.85 to $45.90. KeyCorp (KEY) declined 10% or $1.18 to $10.61.

Deutsche Bank AG (DB) lost 7.6% or $4.92 to $59.90. The bank reiterated that it anticipates a Tier I capital ratio, under Basel II, of approximately 10% by the end of the third quarter 2008 and does not anticipate any capital.

First Solar, Inc (FSLR) dropped 19.9% or $31.71 to $128.00 after the company was downgraded by Goldman Sachs on the worries that oversupply of photovoltaic modules will depress prices and lower subsidies in Spain for larger solar power panel units will lower the demand. SunPower Corporation dropped 21.6% or $14.35 to $51.99.

Fred’s, Inc (FRED) fell 9.3% or $1.15 to $11.24 after the discount retailer reported September sales of $161.3 million, up slightly from $161.1 million a year ago. Comparable store sales for the month increased 1.1% versus an increase of 1.0% a year ago.

General Cable Corp plunged 8.7% or $1.82 to $19.18. The utility and automotive market copper wire cable maker stock has plunged from the high of $82.10 in December 2007 to a low below $20. The company at the end of June 2008 quarter has a debt of $3.66 billion and $904 million in equity.

General Growth Properties (GGP) dropped 42% or $3.25 to $4.50 on the worries that the company may not be able to refinance $1.2 billion debt due in mid-November. Of the total debt due, $900 million is linked to shopping malls, Fashion Show mall and The Shoppes at The Palazzo. Investors worry that the current credit crisis may force the company into bankruptcy.

Jacobs Engineering Group (JEC) dropped 9.6% or $3.93 to $36.97. The stock has now dropped to its 2-year low on the worries that economic slowdown and recent declines in commodities may cancel some of the largest infrastructure projects. Fluor Corp (FLR) sank 11% or $4.98 to $40.64, a 22-month low and the Shaw Group Inc (SGR) dropped 13% or $2.71 to $18.02.

Regis Corporation (RGS) fell 8.7% or $2.2 to $22.89 after the company lowered its fiscal 2009 operating earnings to between $1.77 and $2.03 from the earlier forecast of between $2.03 and $2.09.

Royale Energy, Inc (ROYL) jumped 14.7% or 46 cents to $3.58 after the company said it has discovered natural gas in its Andrus Island East well in the Sacramento Basin of California.

The Royal Bank of Scotland Group plc (RBS) dropped 43.4% or $1.14 to $1.75 in New York trading after the rating agency S&P lowered its long and short term counter party credit rating.

TRW Automotive Holdings Corp (TRW) fell 4% or 55 cents to $12.84 after the auto systems maker withdrew its full-year 2008 sales and earnings guidance provided on July 31, 2008. In addition, the company now expects a net loss for its 2008 third quarter on lower than anticipated sales, higher restructuring expenses and increased commodity costs.