Here’s the latest action:

Stock market plummets more than 700 points — The Dow gave up most of its recent gains as it plunged 733 points to 8577.9 on Wednesday – almost 8 percent. Investors started to consider the likelihood of a deep recession despite coordinated action by central banks to rescue the world’s financial system. [Photo: Flickr by reubenaingber.]

EBay has mixed results – The company’s net income rose 5 percent to $592 million, beating expectations. While the core auction business slowed, Skype’s results were better.

Cadence chief resigns, layoffs rumored — Mike Fister, the CEO of chip design software maker Cadence Design Systems, resigned along with a number of other executives Wednesday as rumors of layoffs loom.

Another Jesus product coming – Apple’s next-gen 17-inch MacBook Pro due in a few months (people had been wondering if Apple would let the product line die after a no-show at yesterday’s event).

New video search company starts beta – Videosurf, a new way to search through web video, is now open for use.

Technorati buys AdEngage — The blogging search company buys an ad network with 4,000 clients for an undisclosed sum. Add that to the August purchase of BlogCritics, a blog network, and you’ve got a new business.

Umm, put that back on the shelf – Anecdotal evidence suggests that consumers won’t be buying gadgets during the holidays.

ASML net drops as chip makers cut back on orders — Scared of the future, chip makers are pulling back and that’s affecting factory equipment suppliers such as ASML.

Proteus Biomedical raises $32 million — Medical device company raises its fourth round of funding.

Game designer sends a secret message from space — Richard Garriott sends a message for Tabula Rasa online gamers from the International Space Station. (I think the message, left, means sell all of your stocks now).

Ex-Take-Two executive sues for $50 million — Robert Alexander alleges that prior management of the game company promised him compensation and stock, but terminated his distribution deal instead.

Life beyond potatoes — Start-ups begin to emerge in Idaho. Some 70 percent of the economy is in technology.