Despite the support of President Bush for a $145 billion economic stimulus plan, the markets closed lower as investors continued to worry about a looming recession. The Dow fell 60 points to 12,099 while Nasdaq lost 7 points to 2340.
On the upside
Skyworks Solutiona (Nasdaq: SWKS) reported higher first quarter earnings that beat expectations due to greater than expected sales.
Washington Mutual (NYSE: WM) blamed a $1.6 billion write-down for swinging to a loss for the fourth quarter. Standard & Poor's lowered the company's longterm credit rating but the stock price climbed over speculation that the company will be acquired.
Shares of Precision Castparts (NYSE: PCP) rose ahead of its earnings release on Tuesday January 22.
On the downside
Wachovia Capital Markets analyst John Rouleau (NYSE: UA) downgraded Under Armour citing the company's high marketing expenses and concerns of a lukewarm reception for the company's new line of cross training shoes.
Countrywide (NYSE: CFC) increased the retention bonuses for five executives so that they will remain with the mortgage lender until March 15.
Chief financial officer Hannah Lee of The9 (Nasdaq: NCTY) will leave the online gaming company in February.
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.