On the upside
Boeing (NYSE: BA) posted 1st quarter profits that fell in half as the output of aircraft production slowed down along with the global economy. Investors were relieved with the results and snapped up oversold shares.Restaurant chain P.F. Chang's China Bistro (Nasdaq: PFCB) posted a 33% increase in quarterly profits and narrowly higher revenues despite lower same-store sales and declining foot traffic.
On the downside
Wells Fargo (NYSE: WFC) reported a profit that met its upwardly-revised targets. However, its shares were unable to overcome the sell-off in the financial sector.
Continetal Airlines (NYSE: CAL) posted a loss due to reduced travel and a decline of first class passenger bookings.
Yahoo (Nasdaq: YHOO) announced a modest profit and plans to cut 700 jobs.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 466.