were all sliding after a JPMorgan analyst predicted more writedowns and lackluster profits at the lot. Morgan took the biggest hit, surrendering 4.5% to $49.92. Lehman was down 3.3%, Goldman lost 5% and Merrill was off 3.3%.
In more negative calls, UBS slashed
price target and 2008 earnings estimate, and a Punk Ziegal analyst compounded the pain after adding Lehman, Goldman and
to his sell list along with Morgan and Merrill. Citigroup was down 1.6% at $32.52, and Bear Stearns sank 4.9% to $93.61.
continued to rise on the heels of its merger with
. The two companies announced Sunday that Vivendi will acquire a 52% stake in Activision and create a new entity, Activision Blizzard, valued at $18.9 billion. Activision was up $1.77, or 7.1%, to $26.74.
fell 3.3% after the company disappointed investors with its financial outlook for the next two years.
At an investor conference, Nokia said it expects operating margin of about 16% to 17% in the next one to two years, higher than its earlier guidance of 15%. However, the company said it expects average selling prices of handsets to decline because of increasing competition. Nokia was off $1.32 to $38.92.
Elsewhere, supply-chain management solutions provider
jumped 29% to $13.33 as the Waltham, Mass., company announced fiscal first-quarter earnings that far exceeded expectations. CMGI posted non-GAAP income of $17.1 million, or 19 cents a share, vs. $10 million, or 20 cents a share, in the year-ago quarter. The sole analyst surveyed by Thomson Financial was expecting 10 cents a share.
Another big gainer was
, shares of which leapt 16.1% after an earnings beat. The Bentonville, Ark., auto retailer swung to a profit in its fiscal second quarter of 2008, posting income of $3.5 million, or 29 cents a share, vs. a loss of $1.9 million, or 16 cents a share, in the year-ago quarter. Analysts were expecting earnings of 16 cents a share.
said Tuesday that based on its meeting with the FDA, uterine fibroid-induced anemia is a new indication for Proellex, and the company plans to begin pivotal phase III trials during the first quarter of 2008 with a goal of filing a new-drug application (NDA) by the end of 2008.
The company said that it will submit an investigational new-drug application (IND) as soon possible to begin two pivotal phase III trials for Proellex as a presurgical treatment for anemia associated with excessive bleeding due to uterine fibroids, or tumors that grow within the wall of the uterus, as soon as possible. The company said it also discussed conducting clinical trials for the indication as a short-course treatment of anemia due to excessive menstrual bleeding due to uterine fibroids. Shares traded up 43 cents, or 5.3%, to $8.50.
Banc of America initiated coverage on
with a buy rating and a $65 price target on an optimism sales outlook for cancer drug Tarceva, which the company co-develops with
. OSI's shares rose 96 cents, or 2%, to $47.84.