On the upside
First quarter earnings and revenue for Cree (Nasdaq: CREE) rose to beat expectations prompting the LED lighting maker to provide solid second quarter guidance above estimates.
Sallie Mae (NYSE: SLM) reversed year ago losses to post a better than expected profit for the third quarter.
Fannie Mae (NYSE: FNM) sold $3 billion worth of benchmark bills at higher interest rates than last week.
On the downside
While Polycom (Nasdaq: PLCM) reported third quarter results that met expectations, the company forecast disappointing fourth quarter margins.
United Airlines (Nasdaq: UAUA) reported a loss for the third quarter as revenue tumbled.
Marshall & Ilsley (NYSE: MI) swung to a loss for the third quarter as loan loss provisions soared.
In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 605.
