On the upside
Dow Chemical (NYSE: DOW) and Rohm & Haas (NYSE: ROH) have engaged each other in direct discussions to settle differences over their proposed merger.
Solutia (NYSE: SOA) affirmed its full year 2009 outlook.
Western Refining (NYSE: WNR) narrowed fourth quarter losses prompting an analyst upgrade.
On the downside
Shares of General Motors (NYSE: GM) plunged to its lowest level in more than 75 years over concerns that the troubled automaker may file for bankruptcy despite billions in government assistance.
Insulet (Nasdaq: PODD) blamed a restructuring charge for nearly doubling its fourth quarter loss.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 3 points to 347.