On the upside
Research in Motion (Nasdaq: RIMM) bucked the trend amid a sell-off among technology stocks. Analysts expect a moderate success out of its new Blackberry Storm mobile device.Analysts cut their earnings outlook for regional banks, but one analyst upgraded Prosperity Bancshares (Nasdaq: PRSP) which operates out of Texas.
On the downside
Shares of Nortel (NYSE: NT) became virtually worthless after the Canadian telecommunications equipment maker filed for bankruptcy.Shares of Citigroup (NYSE: C) continued to slide as investors pondered about the business makeup of the troubled banking firm as it sells off assets.
Analysts lowered their opinion of General Electric (NYSE: GE) due to its exposure to financial losses and weak manufacturing operations.
Fertilizer and seed company Bunge (NYSE: BG) lowered its 2008 earnings forecast due to weak demand for soybean meal and meat as well as the negative impact of a devalued Brazilian real.
In the broad market, declining issues outpaced advancers by a margin of 7 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 462.
