On the downside
Sonic Automotive (NYSE: SAH) blamed disappointing sales for lowering its earnings outlook for the full year.
Wachovia Capital Markets analyst John Hall downgraded American International Group (NYSE: AIG) and slashed his earnings estimate for the insurer due to exposure to the ongoing credit crisis.
Lehman Brothers lowered its price target and fiscal 2008 earnings expectation for credit card company Capital One Financial (NYSE: COF) as payment delinquencies increase.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 664.