On the upside
ING Groep N.V. (NYSE: ING) warned of significant losses for 2008, will eliminate 7,000 jobs and announced the resignation of chief executive Michel Tilmant.Former Merrill Lynch CEO John Thain will repay Bank of America (NYSE: BAC) $1.2 million for renovations made to his office last year.
Although Freeport-McMoRan (NYSE: FCX) swung to a loss for the fourth quarter due to sharply lower revenue and writedowns, the results topped analyst estimates.
On the downside
Goldman Sachs downgraded U. S. Bancorp (NYSE: USB) and placed the bank on Americas conviction sell list.KV Pharmaceutical (NYSE: KV-A) suspended all of its manufacturing operations, halted the shipping of all its products and will recall most of its drugs due to quality problems raised by the Food and Drug Administration.
Shares of Webster Financial (NYSE: WBS) continued to fall after posting significant losses on Friday, eliminating approximately 200 jobs and reducing its dividend to a penny per share.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 10 points to 454.
