Toyota warned that it will report its first loss since 1941 sending the markets down to a lower close with the Dow falling 59 points to 8520. Nasdaq plunged 32 points to 1532.
On the upside
Wal-Mart (NYSE: WMT) made an all cash offer to acquire Chile's largest supermarket chain Distribucion y Servicio D&S S. A. (NYSE: DYS).
Shares of Standard Pacific (NYSE: SPF) continued to rise after the homebuilder acknowledged last week that it was in discussion with rival TOUSA regarding a possible merger or acquisition.
On the downside
Maguire Properties (NYSE: MPG) named Shant Koumriqian to the position of executive vice president and chief financial officer.
Shares of LSI (NYSE: LSI) continued to fall after lowering its fourth quarter forecast last week.
The Wall Street Journal reported that General Growth Properties (NYSE: GGP) agreed to seek the consent of certain lenders before making any significant decisions in order to extend the deadline for debt payment.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 475.
