The TSE 300 Composite Index lost 228.59 points to 10250.00, a drop of 2.18 per cent.
Eight of the 14 sub-indices lost ground, with the industrial products sector leading the way lower, off 5.07 per cent.
Nortel dipped another $6.80 to $88.70, the first time it's been below $90 since June 12.
Many techs fell, especially those the markets think may be priced too high to offset the downside risk. JDS Uniphase, for example, dropped $7.35 to $146.50. Descartes Systems dropped $3.75 to $74.25, and Research in Motion fell $12 to $127. RIM reports earnings on Thursday.
Corel reported earnings after the close on Wednesday. It fell 10 cents to $5.35.
- RELATED:Corel reports Q3 loss
SR Telecom plunged $2.45 to $5.50 after issuing an earnings warning.
- RELATED: SR Telecom warns of weak earnings
BCE Emergis rose $1.25 to $74 after announcing a billion-dollar project to launch a business-to-business Web portal in conjunction with three Canadian financial institutions.
Ballard Power fell $2.90 to $162.60 after announcing plans to take a minority stake in QuestAir.
Biotechs tended to the upside. Biovail rose $4.05 to $123.60. NPS Allelix rose $6.50 to $78.50.
In New York, the Dow Jones Industrial Average ended flat, rising less than 3 points to 10628.36.
Lucent fell another $1.50 US to $29 US, as it continued its year-long plunge. Worries persist that it will have a nasty surprise when it next reports earnings.
Kodak continued to sell off after Tuesday's earnings warning. It lost another $1.81 US to $42.56 US. At one point, it dropped as low as $39.75 US, a level not reached since 1993.
The Nasdaq Composite Index fell 32.80 points to 3656.30.
3Com shares rose $3.06 US to $17 US after it reported a significantly narrower loss than analysts were expecting (12 cents US vs. the consensus of 33 cents US per share).
Priceline.com said its Q3 revenues would come in below market expectations. Its shares plunged 42 per cent to $10.75 US.
- RELATED:>Priceline.com stock plunges
That warning brought down a lot of Internet stocks in sympathy. Yahoo! fell below the $100 US mark for the first time in 10 months, dropping $12.06 US to $90.37 US.
More Money Headlines »
- Canadian economy grew 0.1 per cent in November
- Economic activity in Canada inched ahead by 0.1 per cent in November, as growth remained modest through the autumn, Statistics Canada said Thursday.
- Loonie loses ground
- The Canadian dollar retreated more than a cent in early trading against the U.S. dollar Thursday on tepid Canadian economic growth figures, sliding oil prices and rising U.S. jobless claims.
- U.S. officials won't enforce new border ID rules
- U.S. rules requiring proof of citizenship to enter the country by land or sea take effect Thursday, but customs officials now say they won't be enforced for at least another 18 months.
- Iamgold denied go-ahead on French Guiana mine
- The French government is refusing to approve the final permits needed by Iamgold Corp. to start construction on a gold mining project in French Guiana, the company said Thursday.
- Colgate-Palmolive profit up on overseas sales
- Colgate-Palmolive Co., one of North America's biggest consumer products companies, said Thursday its fourth-quarter profit rose three per cent, boosted by strong sales growth overseas.
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