On the upside
Citigroup (NYSE: C) posted a $2.5 billion loss, but the results were better than expected.
Toy maker Mattel (NYSE: MAT) reported higher revenues as earnings fell due to higher costs. Investors were generally pleased with the results which beat expectations.
Generic drug maker Barr Pharmaceuticals (NYSE: BRL) received a $7 billion cash and stock offer from Israeli drugmaker Teva Pharmaceutical (Nasdaq: TEVA).
On the downside
Google (Nasdaq: GOOG) posted higher revenues and earnings that showed the effects of a slowing economy. Investors hoping for recession-proof results promptly sold the stock.
Overstock.com (Nasdaq: OSTK) posted higher revenues due to the addition of half a million online customers, but investors focused on the continued losses.
Biotechnology company Gilead Science (Nasdaq: GILD) reported higher revenues and earnings on increased HIV drug sales. Analysts attributed much of the gains to a favorable currency exchange rate and downgraded the stock on valuation.
In the broad market, declining issues outpaced advancers by a
margin of 5 to 4 on the NYSE and by 4 to 3 on
Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 692.
