Closing Bell Report

Although the Federal Reserve cut interest rates by a quarter point, the markets closed modestly lower with the Dow slipping 12 points to 12,820 after the Fed indicated that rate cuts may over. Nasdaq fell 13 points to 2413.

On the upside

Increased expenses weighed down first quarter income for Align Technologies (Nasdaq: ALGN) but the results beat estimates prompting an upgrade.

KeyBanc Capital Markets analyst Lynne Collier upgraded Buffalo Wild Wings (Nasdaq: BWLD) after higher sales lifted first quarter earnings.

Plantronics (NYSE: PLT) reported sharply higher fourth quarter earnings that beat estimates by a wide margin as international revenue climbed.

On the downside

Goldman Sachs analyst Jason Armstrong downgraded Savvis (Nasdaq: SVVS) after the company cut its full year revenue guidance.

Second quarter losses for Headwaters (NYSE: HW) were wider than expected prompting the company to slash its full year guidance.

J. P. Morgan analyst Christopher Blansett downgraded MEMC Electronic Materials (NYSE: WFR) saying that expectations are too high.

In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 716.
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