On the upside
General Mills (NYSE: GIS) posted slightly higher revenues and a 50% increase in quarterly income boosted by strong sales of higher-margin cereals.
Amusement park operator Cedar Fair (NYSE: FUN) received a $2.4 billion cash and debt offer to be taken over by a private equity firm.
A123 Systems (Nasdaq: AONE) announced a joint venture for car batteries with China's Shanghai Autos.
On the downside
Fedex (NYSE: FDX) posted lower quarterly profits that missed estimates and offered a cautious forecast for the current quarter.
Citigroup (NYSE: C) completed its secondary offering, but the discount disappointed investors.
GeoEye (Nasdaq: GEOY) warned that its revenues may be hit by a technical glitch. The company provides satellite imagery.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 608.