Racing swept up in market's bad day

NEW YORK - Racing stocks were battered Monday when Wall Street opened with a broad sell-off.

Stock in the parent company of Television Games Network, Gemstar-TV Guide International, dropped $6.34 on Monday, or 25 percent, to a 52-week low of $19.10.

Magna Entertainment Corp., which owns 10 Thoroughbred racetracks, lost 94 cents on Monday, or 13 percent, to $6.16. But stock in Churchill Downs, Magna's rival, barely moved, dropping 30 cents on the day to $29.45, or down only 1 percent, after Churchill issued a statement on Monday saying it intended to buy back as many as 55,000 shares of the company's 13 million outstanding shares to support its stock price.

The New York Stock Exchange and NASDAQ stock exchange opened on Monday for the first time since the terrorist attacks last Tuesday. Stocks were sharply down, as anticipated, with the Dow Jones Industrial Index dropping 7 percent to a 52-week low.

Racetrack operator Penn National Gaming lost $2.90 a share, plummeting 16 percent to $15.15, and Youbet Inc., the online wagering service, dropped 18 percent, to $1.38.