The markets closed mixed despite Buffet's $5 billion investment into Goldman Sachs as legislators continued grappling with details of the $700 billion bailout plan. The Dow fell 29 points to 10,825 while Nasdaq added 2 points to 2156.
On the upside
An appeals court upheld a jury verdict that Qualcomm (Nasdaq: QCOM) violated two of Broadcom's (Nasdaq: BRCM) patents.
Investors snapped up shares of Micron Technology (NYSE: MU), which recently fell after Oppenheimer downgraded the memory chip maker.
On the downside
James River Coal (Nasdaq: JRCC) announced the offering of 1.5 million shares of common stock.
Pilgrim's Pride (NYSE: PPC) announced the elimination of an additional 100 jobs on top of the 600 that have already been cut.Standard & Poor's Ratings Service further downgraded Washington Mutual's (NYSE: WM) credit rating into junk status as a sale of the entire company diminishes. S&P expects the thrift to be sold in pieces.
In the broad market, declining issues outpaced advancers by a margin of 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added plunged 11 points to 698.