On the upside
Nasdaq granted GSI Group (Nasdaq: GSIG) an extension until May 4 to complete its internal audit, restate financials and file a performance report in order to regain listing compliance .Standard & Poor's announced that BankAtlantic Bancorp. (NYSE: BBX) will be replaced by Iowa Telecommunications Services (NYSE: IWA) on the S&P SmallCap 600 on February 20 after markets close.
On the downside
Moody's Ratings Service downgraded PMI Group (NYSE: PMI).
Four Research in Motion (Nasdaq: RIMM) executives including co-chief executives James Balsillie and Mike Lazaridis settled SEC charges of options backdating without admitting or denying allegations.
Shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C), and Huntington Bancshares (Nasdaq: HBAN) all fell over fears that the economic stimulus package is not enough to stem the tide do defaults.
A sharp drop in crude oil prices weighed down shares of Exxon Mobil (NYSE: XOM).
In the broad market, declining issues overwhelmed advancers by a margin of nearly 10 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 19 points to 429.
