Mid-Day Report

The markets retreated from early morning highs during the midday as Sprint Nextel announced job cuts and store closures. The Dow dropped 82 points to 12,078 while Nasdaq lost 5 points to 2342.

On the upside

An affiliate of Blackstone Group and Wellspring Capital Management will pay $1.3 billion to purchase Performance Food Group (Nasdaq: PFGC).

Xilinx (Nasdaq: XLNX) reported higher third quarter earnings that beat expectations by 3 cents due to strong demand.

Advanced Micro Devices (NYSE: AMD) reported a smaller than expected fourth quarter loss as the company reduced costs.

On the downside

Lazard Capital downgraded Advanced Life Sciences Holdings (Nasdaq: ADLS).

The FDA approved ZymoGenetics' (Nasdaq: ZGEN) blood clotting drug Recothrom but an analyst downgraded the stock over concerns pricing pressures will hurt product sales.

Banc of America Securites analyst Tamara Kravec downgraded MBIA (NYSE: MBI) saying that the company's credit rating will most likely by cut.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 12 points to 668.

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