Mid-Day Report

Although the Federal Reserve cut the federal funds rate by three-quarters of a percentage, the Dow dropped 89 points to 12,011 over recessionary fears. Nasdaq plunged 33 points to 2307.

On the upside

FirstMerit (Nasdaq: FMER) reported higher fourth quarter earnings that beat expectations by a penny as the bank trimmed its borrowing costs.

Bernstein Research analysts Colin MacGranahan and Uta Werner upgraded Williams-Sonoma (NYSE: WSM) saying that the stock price has a very limited downside after recent declines.

Although KeyCorp (NYSE: KEY) reported sharply lower fourth quarter earnings, the results surpassed expectations.

On the downside

Northstar Neuroscience (Nasdaq: NSTR) announced disappointing results from a late stage clinical trial of its stroke treatment Everest.

Corinthian Colleges (Nasdaq: COCO) trimmed its outlook after three student loan providers announced more stringent lending policies.

Shares of Motorola (NYSE: MOT) tumbled ahead of tomorrow's earnings release.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 674.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here