Information provided by
) reported a steep decline in profit largely due to writedowns on the value of about $5 billion worth of assets. Among other large-cap names reporting earnings, Cummins
) and Pfizer
advanced, while Archers Daniel
) and Seagate
) attributed a significant loss recorded in its last quarter to the troubled Facebook (FB
) IPO. The bank said it will start legal proceedings against Nasdaq OMX (NDAQ
) over the stock offering. Deutsche Bank
) announced plans to cut about 1,900 positions, mostly outside of Germany.
Among the notable gainers were Accretive Health
), up 36%, after reaching a settlement deal with Minnesota's Attorney General, and Cirrus Logic
), up 22%, as both Stifel Nicolaus and Needham raised their price targets on shares following the company's higher-than-expected
revenue guidance for next quarter.
Among the noteworthy losers were Dendreon
), down 20%, amid at least three downgrades following the company's announcement of a sales force reduction, and Coach
), down 17%, following a downgrade at Piper Jaffray after its Q4 results.