On the upside
Shares of Boston Scientific (NYSE: BSX) rose after the medical device maker posted modest operating income along with a one-time charge to write down its acquisition with Guidant.
Sepracor (Nasdaq: SEPR) posted higher 4th quarter earnings as the drug maker cut costs and reduced headcount to reaffirm its 2009 profit outlook.
On the downside
Shares of Starbucks (Nasdaq: SBUX) opened lower after the coffee chain posted lower profits and announced the closure of 300 stores.Chip maker Qualcomm (Nasdaq: QCOM) reported a steep decline in profits and lowered its 2009 revenue forecast.
Shares of Dryships (Nasdaq: DRYS) ran aground after the Greek bulk carrier reported a breach of financial covenants and plans to issue $500 million in new stock.
Shares of Allstate (NYSE: ALL) tumbled after the insurer posted a sizable 4th quarter loss that were worse than expected.
In the broad market, declining issues outpaced advancers by a margin
of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell
2000 which tracks small cap stocks lost 11 points to 461.