Stocks, Bonds Hit Hard

Jim Padilla, Ford's(F Quote) president and chief operating officer, said Thursday he's leaving the automaker after nearly 40 years of employment. CEO Bill Ford will assume Padilla's duties.

Shares of Constellation Brands(STZ Quote) lost 5.77% after the wine and spirits company's fourth-quarter sales missed expectations.

Extreme Networks(EXTR Quote) shares sank 6.68% after the computer networking company warned fiscal third-quarter results will miss analysts' targets.

On the other side of the ledger, Starbucks'(SBUX Quote) shares rose 1.09% to $37.86, off their best levels of the session, after the coffee retailer said March same-store sales rose 10% from a year ago. The results beat estimates, and the company reiterated guidance for 3% to 7% same-store sales growth for its fiscal year.

For the second time in two weeks, AutoNation(AN Quote) tweaked its first-quarter guidance, this time raising it to 36 cents to 38 cents a share. The company cited strength in its premium auto division. AutoNation cut its guidance on March 24. AutoNation ended the day up about 1.77% to close at $22.48.

Deutsch Bank upgraded U.S. Steel(X Quote) to hold from sell, while Keefe Bruyette upgraded Chicago Mercantile(CME Quote) to market perform from underperform.

Bed Bath & Beyond(BBBY Quote), which gained 6.5% on Thursday after the retailer said fourth-quarter earnings rose 9% from a year ago, was cut by J.P. Morgan to underweight from overweight. Bed Bath & Beyond ended the day down 1.10% at $40.37.

Overseas markets were mixed, with London's FTSE 100 ending the day down 0.3% to 6026 and Germany's Xetra DAX down 1.3% at 5953. Both indexes had been higher before the U.S. stocks fell. In Asia, Japan's Nikkei rose 0.4% overnight to close at 17,563, while Hong Kong's Hang Seng added 0.4% to 16,472.