On the upside
Although fourth quarter earnings for American Financial Group (NYSE: AFG) fell, the results topped analyst estimates.Qwest (NYSE: Q) reported lower fourth quarter earnings but the results beat expectations.
Charles River Laboratories (NYSE: CRL) blamed an impairment charge for swinging to a fourth quarter loss, but the results surpassed analyst expectations.
On the downside
Shares of Huntington Bancshares (Nasdaq: HBAN) and Fifth Third Bancorp (Nasdaq: FITB) gave back their gains over doubts about the effectiveness of the government bailout plan.Corrections Corporation of America (NYSE: CXW) reported higher fourth quarter earnings that topped analyst estimates but the private prison operator forecast first quarter and full year 2009 results below expectations.
Moody's Investors Service warned that it may downgrade Lincoln National's (NYSE: LNC) senior debt ratings after the insurer swung to a loss for the fourth quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 455.
