On the upside
Shares of Polaris Industries (NYSE: PII) rose ahead of its earnings release tomorrow morning.
Stewart Enterprises (Nasdaq: STEI) rejected an acquisition offer of approximately $881.7 million from rival funeral services Service Corporation International (NYSE: SCI).
Chinese cell phone maker Qiao Xing Universal Telephone (Nasdaq: XING) reversed year ago losses to report a profit for fiscal 2007 as sales rose.
On the downsideConcerns about the solvency of First Horizon National (NYSE: FHN) sent shares of the regional bank tumbling.
Downey Financial (NYSE: DSL) reported that nonperforming assets surged to 14.33% in May from 1.3% a year earlier.
Moody's Investors Service cited a weak air travel market for downgrading AirTran Holdings' (NYSE: AAI) rating.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 10 points to 665.