Closing Bell Report

Weak consumer spending sent the markets tumbling to a lower close with the Dow falling 86 points to 12,216. Nasdaq dropped 20 points to 2261.

On the upside

Oi Participacoes (NYSE: TNE), formerly known as Telemar, will acquire rival Brasil Telecom (NYSE: BRP) in a deal valued between $2.5 billion to $3.04 billion.

Kopin (Nasdaq: KOPN) reversed year ago losses as revenue surged.

Lehman Bros. analyst Michael Branca upgraded Cott (NYSE: COT) citing the low stock price and expectations that the company will conduct a strategic review.

On the downside

Piper Jaffray analyst downgraded Oplink Communications (Nasdaq: OPLK) after the company forecast third quarter results below estimates.

Usana Health Sciences (Nasdaq: USNA) blamed disappointing sales for slashing both its first quarter as well as its full year outlook.

Idearc (NYSE: IAR) announced that it will no longer pay dividends while Goldman Sachs analyst Peter M. Salkowski lowered his 2008 earnings guidance for the phone directory publisher.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 683.

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