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The move came amid weak earnings results.
Still, weak earnings did not translate into punishment.
Many of Sprint's peers have warned recently of weak earnings amid a slowing economy.
Many companies were reporting weak earnings and eliminating executive bonuses and hundreds of thousands of jobs.
Weak earnings reports from technology companies like Rohm and Advantest contributed to the gloom.
More recently, analysts have also been concerned by ArvinMeritor's weak earnings.
"It would mean a number of years of weak earnings at best".
A weak earnings report from Dell dragged down the technology sector.
The selloff was ignited by weak earnings from I.B.M., and worsened throughout the day.
Talk of weak earnings continued to plague stocks yesterday, and major market averages moved sharply lower.
One candidate may be a joint venture in Brazil that had weak earnings last year.
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