The markets skidded to close sharply lower after GE reported disappointing first quarter results that fell short of estimates and forecast second quarter earnings below expectations. The Dow plummeted 257 points to 12,325 while Nasdaq plunged 61 points to 2290.
On the upside
Cowen & Co. analyst Rob Stone boosted his 2008 earnings and revenue outlook for Trina Solar (NYSE: TSL) to account for a new supply contract.
WBB Securities upgraded Cleveland BioLabs (Nasdaq: CBLI) citing the company's improved outlook.
JPMorgan downgraded Watsco (NYSE: WSO) but the stock price rose.
On the downside
Nvidia (Nasdaq: NVDA) warned analysts that it expects to lose market share in the graphic processor unit space.
Needham & Co. analyst Charlie Wolf issued a client note with a negative assessment of Research in Motion's (Nasdaq: RIMM) Blackberry calling the device's platform primitive.
Omnicare (NYSE: OCR) will release first quarter results on May 8, 2008.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 19 points to 688.