A downward revision of the nation's third quarter economic growth weighed the markets down to a lower close with the Dow falling 53 points to 11,493. Nasdaq eased a point to 2521.

On the upside

Mobile TeleSystems (NYSE: MBT) reported better than expected earnings for the third quarter.

Barclays Capital downgraded Meritor (NYSE: MTOR) to an Equal Weight rating from Overweight but the stock price rose.

Yingli Green Energy (NYSE: YGE) entered into a strategic financing relationship with CIT Group (NYSE: CIT).

On the downside

Collective Brands (NYSE: PSS) warned of magian pressures prompting analyst Dorothy Lakner of Caris & Co. to cut her price target on the footwear retailer.

Pacific Crest analyst James Faucette wrote that shipments of Nokia's (NYSE: NOK) Windows Phone 7 appeared to be much lower than anticipated.

Shares of Ship Finance International (NYSE: SFL) and Overseas Shipholding Group (NYSE: OSG) plummeted after rival oil transportation company Frontline (NYSE: FRO) warned that it would need additional capital in 2012 to continue operations.

In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 696.