Market Wrap: Economic Omens Emerge; Meg Takes on H-P; United Unites with Goodrich

Market wrap-up for September 22nd.

End of the Day: Dow down 391 to 10,733.83; Nasdaq down 82 to 2455.67; S&P 500 down 37 to 1129.56

The following is a brief summary of events moving markets today:

• A perfect storm? The implementation of Operation Twist, the Fed seeing factors for downside in the U.S. economy, China's manufacturing slowing in September, and European bank fears escalating as no decisions have been reached, are all contributing to one of the worst down days the markets have seen in a while.
  
  Markets ended up a little better than intraday lows, when each major index moved well past 4 percent to the downside. The Dow was over 500 points lower at one point before regaining composure.
  
  
• Meg is totally the new Leo: H-P makes it official: Hewlett-Packard (NYSE: HPQ) officially announced that Meg Whitman, former eBay (Nasdaq: EBAY) CEO, as it's new Chief Executive. Additionally, Ray Lane moved from non-Executive Chairman into the role of Chairman. Leo Apotheker, he moved out.
  
  Word from Leo is that he had no idea the Board was discussing his removal (*cough* Meg, pay attention).
  
  
• FedEx gets bearish: FedEx (NYSE: FDX) saw investors hit the exit amid a first-quarter beat, as the parcel shipping giant lowered its fiscal 2012 earnings outlook from a range of $6.35 to $6.85 to a range of $6.25 to $6.75. The Street is expecting earnings of $6.40 per share for 2012. FedEx ended 8.2 percent lower.
  
  
• Another chapter in Goodrich's history closes: United Technologies (NYSE: UTX) affirms that it entered into a definitive agreement for the acquisition of Goodrich (NYSE: GR) for $127.50 per share. This equates to a total enterprise value of $18.4 billion, including $1.9 billion in net debt assumed.
  
  Rumors of the deal had been swirling since late last week, and over the weekend.
  
  
• Good ol' Berkshire slumps: Warren Buffett's Berkshire Hathaway (NYSE: BRK-A) fell below $100,000 per share for the first time in nearly two years as investors bet Buffett's holdings might suffer as the U.S. economy heads downward. The last time Berkshire shares were below the six-figure mark was on January 19th, 2010.

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