On the upside
GE (NYSE: GE) posted a sharp drop in earnings as its finance arm continued to wrestle with loan losses, but the results surpassed expectations.Citigroup (NYSE: C) reported a quarterly loss of nearly $1 billion which was better than analysts' estimates.
Tyco Electronics (NYSE: TEL) announced the sale of its wireless systems business to government contractor Harris Corp. (NYSE: HRS) for $675 million in cash.
On the downside
Specialty chemical maker Cytec Industries (NYSE: CYT) reported a 1st quarter loss and cut its dividend. Analysts promptly downgraded the stock.
A.O. Smith (NYSE: AOS) posted lower profits and lowered its 2009 outlook due to slowing demand for water-heating equipment.
In the broad market, advancing issues outpaced decliners by a margin
of 5 to 4 on the NYSE, but lagged by a slim margin on Nasdaq. The Russell 2000
which tracks small cap stocks held steady at 473.