Investors weren't able to celebrate a third straight day of record high closes this week, as concerns about the sustainability of the market rally led to triple-digit declines for the Dow and a similar pullback for broader market measures. Yet while the drops in major benchmarks didn't reflect any widespread panic, shares of Take-Two Interactive Software (NASDAQ:TTWO), Fossil Group (NASDAQ:FOSL), and Teekay Tankers (NYSE:TNK) were down much more dramatically on Wednesday.

Down Stocks
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Take-Two Interactive fell 8% after the video game manufacturer failed to reassure worried investors about the health of its future game pipeline. The latest installment in Take-Two's Grand Theft Auto series has performed well, but even record sales only raise concerns that the company is too dependent on its key offerings and that Take-Two might not have another blockbuster series in development currently. One interesting note is that digital downloads have greatly increased in importance for Take-Two, now making up about half of its sales and putting pressure on traditional distribution companies to find ways to replace what could become permanently lost revenue sources.

Fossil Group plunged more than 10% as the maker of watches and other accessories wasn't able to satisfy investors with its current-quarter guidance. Although the company managed to bring in more net income and sell more goods than investors had expected, guidance for revenue growth of 8% to 9.5% came in at the lower end of what most of those following Fossil were looking to see. From a longer-term perspective, Fossil faces fairly steep competition as retailers recognize the value of a strong accessories business. Moreover, Fossil relies in part on licensing arrangements to sell its products, and if those licenses don't get renewed -- or get renewed under less favorable terms -- then profits can suffer further.

Teekay Tankers dropped 7% after the tanker-shipping company got a downgrade from Wall Street analysts today. The shipping industry continues to be plagued by high numbers of available vessels and relatively low demand, and in particular, the reduced need for crude oil imports to the U.S. has weighed on the tanker business ever since the domestic energy boom began. After some signs of a recovery, shipping rates have sagged downward again, and that has thrown cold water on the bullish arguments of some of Teekay Tankers' proponents. The opening of crude oil exports from the U.S., if it eventually happens, could present an interesting opportunity for Teekay Tankers, but for now, the company could continue to face tough conditions for the foreseeable future.

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Dan Caplinger has no position in any stocks mentioned. The Motley Fool recommends Fossil and Take-Two Interactive. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.