Gemstar-TV Guide Tumbles With Market Sell-Off

The stock of Gemstar-TV Guide, the parent company of the TV Games Network, hit a new 52-week of $20.25 during extraordinarily heavy trading on Tuesday. By the end of the day, Gemstar-TV Guide (Nasdaq:GMST) lost 17.9% of its stock value to close at $22.12.

It was a dark day for the markets overall.

Profit warnings and job cuts took a heavy toll. The Nasdaq Composite Index fell a staggering 6.2% to 1,673 by the close of trading. The index had not been below 1,700 since Oct. 1998. The Dow Jones Industrial Average fell 3% to 9,485 and the S & P 500 Index dropped 3.4% to 1,106.

Trading volume was remarkable on Gemstar-TV Guide. More than 11.9 million shares changed hands compared with the company's average daily volume of nearly 4.1 million. Anchor Gaming, which owns United Tote, also took a big hit. The stock fell 10.7% to $55.23