On the upside
General Motors (NYSE: GM) announced plans to slash 10,000 jobs and cut the pay of salaried employees in order to present a viable plan to the government by a February 17 deadline.Chip giant Intel (NYSE: INTC) announced plans to invest $7 billion over the next two years to build factories that make faster, smaller chips that consume less energy.
U.K.-based CSR Plc offered to buy U.S. chip firm SiRF Technology (Nasdaq: SIRF) in a $136 million all-stock deal.
On the downside
Lions Gate Entertainment (NYSE: LGF) posted a 3rd quarter loss that missed expectations on disappointing movie revenues.Shares of Principal Financial Group (NYSE: PFG) tumbled after the insurer posted a 4th quarter loss that missed expectations and remained bearish about 2009.
Shares of Cubist Pharmaceuticals (Nasdaq: CBST) were flattened after a rival filed a challenge against some of the company's patents.
In the broad market, declining issues outpaced advancers by a margin
of 4 to 3 on the NYSE and by 5 to 4 on Nasdaq. The
Russell 2000 which tracks small cap stocks fell a point to 466.
