Penney Company, Inc (NYSE: JCP) fell 62 cents or 3.30% to $18.15.
American Greetings (NYSE: AM) sank $3.42 or 34.83% to $6.40 after the greeting-card company announced it swung to a third-quarter loss of $193.3 million, or $4.25 a share, from a profit of $29 million, or 52 cents a share, in the comparable quarter a year ago. Quarterly revenue decreased to $454.1 million from $485.8 million.
Shares of real estate investment firm ProLogis (NYSE: PLD) soared 94 cents or 10.26% to $10.10 after it announced to sell its operations in China and property fund interests in Japan to affiliates of GIC Real Estate for $1.3 billion, plus assumed liabilities.
Textron, a maker of helicopters, subtracted (NYSE: TXT) $3.14 or 20.47% to close at $12.20 after it said that it had cut 2,200 jobs globally, as part of a restructuring plan.
Among few bright spots, Alcoa (NYSE: AA) jumped 34 cents or 3.68% to $9.57. General Electric Co. (NYSE: GE) climbed 36 cents or 2.24% to $16.43.
Red Hat Inc. (NYSE: RHT) rallied $1.02 or 8.52% to $12.99. Linux software vendor said on Monday afternoon that its third quarter net income 20% to $24.3 million, or 12 cents a share, from $20.3 million, or 10 cents a share in the corresponding quarter, a year ago. Excluding stock-based compensation and other charges the company earned $48.4 million, or 24 cents a share, for the quarter. Quarterly revenue jumped 22% to $165.3 million. Analysts on an average were looking for company to report earnings of 18 cents a share on revenue of $166.4.
Business software maker Tibco Software Inc.(NASDAQ: TIBX) announced that fourth quarter earnings rose to $32.3 million or 18 cents a share, from $27.6 million or 14 cents a share in year ago quarter. Excluding items, the company said it would have earned 23 cents a share. Total quarterly revenue decreased to $185.5 million from $186.1 million in the same period n 2007. Consensus estimates were for earnings of 19 cents a share on revenue of $195.6 million. Shares of Tibco software finished at $4.89, up 9 cents or 1.87%.
Information technology company Unisys Corp. (NYSE: UIS) surged 24 cents or 45.3% after its announced late Monday that it intends to eliminate about 1,300 jobs.
According to reports, Hong Kong Disneyland is planning to expand the size of its park grounds by 30% and talks are underway between Walt Disney Co. (NYSE: DIS) and Hong Kong officials.
Late on Monday, an independent investigator at Treasury Department IT said the Office of Thrift Supervision had allowed IndyMac to backdate the capital to meet the 10% capitalization threshold needed under U.S. banking regulations to qualify as a "well capitalized" institution.
A release by Office for National Statistics on Tuesday showed the U.K economy contracted 0.6% from the second quarter, its biggest decline since 1990.Output in production industries dropped 1.4%, while output in the services industry fell 0.5% in third quarter.
European stocks finished mixed. The U.K. FTSE rose 6.82 points or 0.16% to 4,255.98. The German DAX and French CAC subtracted 0.21% and 0.69% respectively.
Asian stocks finished in negative territory. Hong Kong's Hang Seng Index fell 401.60 points or 2.75% to close at 14,220.79.Strait Times slipped 21.09 points or 1.21% to 1,724 in Singapore.
NYMEX Crude oil for February delivery declined 93 cents, or 2.3%, to settle at $38.98 a barrel
Disclosure: Author does not own any of the stocks discussed here.
