On the upside
Wyeth (NYSE: WYE) opened discussions with Crucell NV (Nasdaq: CRXL) to acquire the vaccine maker.Shares of Chinese cell phone designer Cogo Group (Nasdaq: COGO) rose after the Chinese government announced plans to grant new third generation wireless licenses.
General Growth Properties (NYSE: GGP) agreed to pay $48 million to settle a lawsuit over a California mall joint venture.
On the downside
TXCO Resources (NYSE: RRI) announced a joint exploration agreement with Millenium E&P Resource Fund to drill and complete a well test at the Burr "C" project's Georgetown formation.Speculation that President-elect Obama will increase regulation of payday lending companies sent shares of EZCorp (NYSE: EZPW) lower.
Moody's Investors Service cited the sluggish auto industry for cutting its ratings on auto parts supplier Lear (NYSE: LEA) further into junk territory and warned that it may further reduce the company's ratings.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 18 points to 497.
