On the upside
Continental Airlines (NYSE: CAL) was granted immunity from antitrust laws by the Transportation Department in order for the airliner to join the Star Alliance to service international routes.
Goldman Sachs analyst David C. Bailey upgraded Seagate Technology (Nasdaq: STX) to a Buy rating saying that IT spending will increase next year.
Thomas Weisel analyst Christa Quarles upgraded Yahoo (Nasdaq: YHOO) citing organizational changes that will improve the company's efficiency.
On the downside
YRC Worldwide (Nasdaq: YRCW) and the Teamsters Union announced a tentative agreement but analysts say more is needed for the transportation services company to remain solvent.
Suntech Power Holdings (NYSE: STP) will receive a $50 million convertible loan from IFC to transition to highly effecient Pluto technology and to repay debt.
Shares of 3Com (Nasdaq: COMS) continued to fall after forecasting disappointing first quarter results.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 480.
