January 23, 2008 at 11:20 AM EST
Mid-Day Report

cOn the upside

The Federal Reserve's interest rate cut boosted shares of homebuilder Lennar (NYSE: LEN).

Ambac (NYSE: ABK) and MBIA (NYSE: MBI) met with insurance regulators to discuss options for the struggling bond insurers.

Amdocs (NYSE: DOX) reported higher first quarter earnings due to strong demand.

On the downside

Patients in a late stage trial of Human Genome Sciences' (Nadsaq: HGSI) hepatitis C treatment Albuferon experienced serious lung related side effects prompting the biopharmaceutical to lower the dosage of the treatment.

Wedbush Morgan initiated coverage of First Solar (Nasdaq: FSLR) with a Hold rating.

Sallie Mae (NYSE: SLM) swung to a fourth quarter loss as borrowing costs soared. The student lender set aside $575 million for loan losses.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 668.

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