On the upside
Manitowoc (NYSE: MTW) will sell approximately $400 million in senior unsecured notes in order to refinance some of its long term debt.
JP Morgan upgraded OfficeMax (NYSE: OMX).
On the downside
FalconStor Software (Nasdaq: FALC) warned of a fourth quarter loss and cut its full year outlook as OEM software license revenue disappointed.
Merriman downgraded China Automotive Systems (Nasdaq: CAAS).
AZZ (NYSE: AZZ) warned that 2011 results will be lower than expected due to difficult economic conditions.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 634.
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