On the upside
Although first quarter earnings for Corning (NYSE: GLW) plunged due to sharply lower sales, the results beat expectations.
On the downside
XenoPort's (Nasdaq: XNPT) pain medication for diabetes patients failed a midstage clinical trial.
Shares of Clear Channel (NYSE: CCO) fell after Jefferies & Co. downgraded the outdoor advertising company Friday.
The swine flu outbreak in Mexico weighed down shares of Mexican airport operator Grupo Aeroportuario Del Sureste (NYSE: ASR).
In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap dropped 9 points to 469.