Garmin plunged 5.3% after the stock was downgraded by a Wall Street firm over fears of increased competition, slowing growth in Europe and margin declines. A Deutsche Securities analyst downgraded the stock to hold from buy and reduced its price target to $90 from $125. Shares were down $4.21 to $75.99. AMD ( AMD) continued to decline, falling 7.8% after two Wall Street analysts expressed concerns about growth in the semiconductor market. An analyst at American Technology Research reduced the rating on eight chip stocks on the belief that the bookings outlook for first quarter 2008 is weak. The analyst also lowered fourth-quarter EPS estimates on AMD ahead of the company's Jan. 17 report. The stock was off 47 cents to $5.53. Spectrum Control ( SPEC) got clocked, losing 31% to $9.76 on a disappointing fourth quarter. The Fairview, Pa.-based maker of electronic control products posted income of $3.2 million, or 23 cents a share, vs. $2 million, or 15 cents a share in the year-ago quarter. The results fell short of one analyst's expectation for EPS of 25 cents, per Thomson Financial. Meanwhile, shares of Perficient ( PRFT) lifted 14.5% to $17.00 on raised guidance. The Austin, Texas-based provider of e-business solutions raised its fourth-quarter revenue expectations to between $61.2 million and $62.7 million, up from a previous range of $56.3 million to $62.1 million. The average analyst expectation is for revenue of $60 million.
MBIA ( MBI) a battered bond insurer, was sliding another 5.5% after
scrambling to raise capital by chopping down its dividend to 13 cents a share from the prior 34 cents, as well as setting plans to offer $1 billion worth of surplus bonds to institutional buyers. The bonds are planned to mature in 2033, though they will be callable every five years after they're issued. MBIA said these moves will ensure maintenance of its crucial triple-A ratings at Moody's, Fitch, and Standard & Poor's. Last month, the firm shocked investors and analysts alike by revealing heavy exposure to collateralized debt obligations (CDOs) backed by other CDOs, or CDOs-squared. Shares of the Armonk, N.Y.-based company were falling 78 cents to $13.20 to extend on yesterday's dive, which came on the heels of slashed 2008 bottom-line estimates at Morgan Stanley. Fellow bond insurer Ambac ( ABK), whose estimates were also cut at Morgan yesterday, lost another 9.6%, and Security Capital Assurance ( SCA) was off another 17% at $2. Mortgage lender Countrywide ( CFC) also continued hurting on some grim December results . Foreclosures for the month, as a ratio of its total mortgage loans, more than doubled year over year to 1.44% year over year, and delinquencies as a percentage of unpaid principal balance climbed by more than half to 7.2%. Following yesterday's plunge on hastily denied bankruptcy rumors , Countrywide shares were shedding another 55 cents, or 10.1%, to $4.92 in frenzied trading.