The markets closed lower as Citigroup announced the resignation of its CEO and warned of additional losses. The Dow tumbled 52 points to 13,543 while Nasdaq dropped 15 points to 2795.

On the upside

Strong merchandise licensing revenue boosted third quarter earnings for Marvel Entertainment (NYSE: MVL) to beat estimates by a wide margin.

Alfa Corp. (Nasdaq: ALFA) will go private in a deal valued at approximately $840 million.

Multi-Fineline Electronix (Nasdaq: MFLX) reported higher fourth quarter earnings that surpassed expectations as revenue surged.

On the downside

Gevity HR (Nasdaq: GVHR) blamed client attrition for sharply lower third quarter earnings and forecast fourth quarter results below expectations.

The Fraud Discovery Institute issued a report criticizing Herbalife (NYSE: HLF) for using a banned business model in China.

Analysts cited PetroChina's (NYSE: PTR) $1 trillion market capitalization for downgrading the oil and natural gas company.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 790.