On the upside
UBS upgraded Infineon Technologies (NYSE: IFX) on the expectation that the chipmaker will receive government backed debt financing.Keefe Bruyette upgraded MF Global (NYSE: MF).
Shares of Dendreon (NYSE: DNDN) continued to soar in anticipation of the company's prostate cancer vaccine trial results.
On the downside
Credit Suisse analyst Steve Benyik downgraded SL Green Realty (NYSE: SLG) citing a weak liquidity outlook.
International Paper (NYSE: IP) announced the closure of a cardboard box plant in Kansas City, Kansas, a mill in Franklin, Virginina, a plant in Cedarburg, Wisconsin, and temorarily close its Ticonderoga, New York mill.
JPMorgan downgraded AXA (NYSE: AXA).
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 points to 443.