On the upside
4th quarter profits fell at Wal-Mart Stores (NYSE: WMT), but the results were better than expected. The world's largest retailer also warned that it could miss 1st quarter targets.Mining was among the few sectors in positive territory as gold prices rose. Shares of Newmont Mining (NYSE: NEM), U.S. Gold (AMEX: UXG) and Seabridge Gold (AMEX: SA) opened higher.
On the downside
General Motors (NYSE: GM) and Chrysler raced to put together a turnaround plan after taking federal bailout funds. However, investors worried about the car makers' inability to wrest concessions from union workers and bondholders.Moody's Investors Service downgraded mortgage insurers, including MGIC Investment (NYSE: MTG).
Analysts downgraded the shipping industry due to weak global economic trends. Shares of YRC Worldwide (Nasdaq: YRCW) and DryShips (Nasdaq: DRYS) sold off.
BJ Restaurants (Nasdaq: BJRI) was downgraded by an analyst despite last Friday's results that beat expectations.
In the broad market, declining issues overwhelmed advancers by a margin
of 8 to 1 on the NYSE and by 6 to 1 on Nasdaq. The Russell 2000 which
tracks small cap stocks plunged 15 points to 432.
