July 07, 2008 at 17:23 PM EDT
Closing Bell Report
Concerns that Fannie Mae may have to raise $46 billion while Freddie Mac may have to raise $29 billion sent the markets down to a lower close with the Dow falling 57 points to 11,232. Nasdaq slipped 2 points to 2243.

On the upside

Credit Suisse analyst Mark Connelly upgraded Smurfit-Stone Container (Nasdaq: SSCC) citing the company's valuation.

Goldman Sachs analyst Judy E. Hong upgraded Hansen Natural (Nasdaq: HANS) due to strong sales of energy drinks.

Greater than expected revenue prompted pawnshop and cash advance company Cash America (NYSE: CSH) to lift its second quarter outlook.

On the downside

Shares of First Horizon National (Nasdaq: FHN) tumbled after Friedman, Billings, Ramsey & Co. analyst Paul J. Miller Jr. said in a client note that losses to residential construction loans will continue growing.

Virtusa (Nasdaq: VRTU) forecast first quarter results below expectations saying that a major client did not approve the costs for some projects that the company already started to work on.

Crystal River Capital (NYSE: CRZ) slashed its quarterly dividend from 68 cents per share to 30 cents per share payable on July 28 to shareholder of record June 30.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 8 points to 658.

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