On the upside
KB Home (NYSE: KBH) posted a smaller than expected loss as orders for new, smaller homes rose.
General Motors (NYSE: GM) may get a 30-day extension past its March 31 deadline to submit a restructuring plan to the federal government, according to a Wall Street Journal report. Meanwhile, its Germany-based Opel unit posted a 60% surge in 1st quarter sales due to a government incentive program to scrap cars that are at least 9 years old.Investors were relieved to learn that the U.K.'s Barclays (NYSE: BCS) passed a financial stress test.
On the downside
Accenture (NYSE: ACN) posted a small increase in quarterly profits, but the consulting firm lowered its outlook for the year. Analysts promptly downgraded the stock.
Johnson Controls (NYSE: JCI) announced plans to close 10 plants in order to save more than $200 million by 2010.
Shares of UBS AG (NYSE: UBS) continued to falter as the U.S. government threatened to step up efforts to retrieve tax evaders holding secret Swiss accounts.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 8 points to 823.