Disappointing earnings weighed the markets down to a sharply lower close with the Dow tumbling 80 points to 15,307. Nasdaq plunged 38 points to 3463.
On the upside
Citigroup analyst Andrew S. Baum upgraded Bristol-Myers Squibb (NYSE: BMY) to a Buy rating saying that the biopharmaceutical’s cancer drug Nivolumab may be approved in early 2014.
Susquehanna Financial Group analyst Chris Rigg upgraded Kindred Healthcare (NYSE: KND) to a Positive rating from Neutral and lifted his price target from $12 per share to $17 per share.
Booz Allen Hamilton (NYSE: BAH) reported higher fourth quarter earnings that topped analyst estimates and forecast full year earnings ahead of expectations.
On the downside
Shares of Frontline (Nasdaq: FRO) fell after the International Association of Independent Tanker Owners warned that tanker crews were quitting due to lower rates.
T. H. Capital recommended a wait and see approach to E-Commerce China Dangdang (NYSE: DANG).
Profit taking sank shares of YY (Nasdaq: YY).
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 index dropped 13 points to 1655.
