Stocks plunged on Friday, as fears continue to grow that credit market problems, initially confined to the subprime market, are spreading throughout the economy. Today's disappointing employment report further heightened negative investor sentiment (see below).

American Home Mortgage (AHM | Quote | Chart | News | PowerRating) laid off most of their work force and ceased most operations after the company's recent disintegration. A number of class action lawsuits have been filed on behalf on investors.

DaimlerChrysler (DCX | Quote | Chart | News | PowerRating) completed the transfer of the majority interest in the Chrysler Group to a subsidiary of private equity firm Cerberus Capital Management,. in a $7.4 billion deal (read more).

Weyerhaeuser (WY | Quote | Chart | News | PowerRating) reported a fall in its second-quarter profit as the company booked higher charges over last year. Quarterly sales also declined from prior year, hurt by weak housing market (read more).

Procter & Gamble (PG | Quote | Chart | News | PowerRating) reported a 19% rise in fourth-quarter earnings on higher margins coupled with 8% top line growth (read more).

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