Bristol-Myers is downgraded to 'neutral,' and Gap is initiated with an 'underperform.'
Stocks are higher amid some more encouraging housing data and continued testimony from Fed Chairman Bernanke.
With the Fed Chairman appearing again in Washington, markets are set for a steady open Wednesday morning.
For now, there's nothing wrong with watching from the sidelines and letting the selling run its course.
Expectations are high for Michael Kors, Fossil and Abercrombie, even after recent gains.
Stocks are higher with the Dow narrowly underperforming the Nasdaq and S&P after Wednesday's big run-up.
Also, German economic sentiment drops.
Shares fall nearly 13% as investors continue to be skeptical about CEO Ron Johnson's turnaround strategy. To entice shoppers during the holidays, Penney will give away buttons with codes that could lead to prizes such as a Disneyland trip.
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The apparel chain takes a hard hit after blaming the weather for its quarterly sales decline. But cold temperatures don't explain the drop in full-year sales as well.
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
Even when they have a plan for their refund check from Uncle Sam, Americans often don't realize how they actually spend the windfall.
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