On the upside
ZymoGenetics (Nasdaq: ZGEN) entered a hepatitis C drug development deal with Bristol-Myers Squibb (NYSE: BMY) valued at up to $1.12 billion.Fox-Pitt Kelton analyst David Trone cut his fourth quarter earnings estimate for JPMorgan Chase (NYSE: JPM) to a loss but shares of the national bank rose.
Shares of Wells Fargo (NYSE: WFC) rose after President-elect Barack Obama's housing secretary nominee Shaun Donovan said that the government will utilize more aggressive tactics to stem the tide of foreclosures.
On the downside
Cepheid (Nasdaq: CPHD) disappointed with fourth quarter and full year guidance that missed analyst estimates and forecast flat sales for 2009.Lexmark International (NYSE: LXK) blamed high restructuring costs along with sluggish computer printer sales for lowering its fourth quarter guidance and announced plans to eliminate 375 positions.
Shares of Rambus (Nasdaq: RMBS) continued falling after a federal judge ruled that its patents are unenforceable against Micron Technology (NYSE: MU).
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 476.
