Closing Update: Stocks End Down Around 1%

04:08 PM Eastern Standard Time, 02/08/2010 (MidnightTrader) --

-NYSE down 68.8 (1%) to 6,713.99.

-DJIA down 103 (1%) to 9,908.

-S&P 500 down 9 (0.9%) to 1,057.

-Nasdaq down 15 (0.7%) to 2,126.

UPSIDE MOVERS

(+) SNSS grants Carmot license for fragment-based lead discovery technology.

(+) MRNA reports positive results for its propietary siRNA delivery technology.

(+) MBI reports restructuring of its asset management subsidiary.

(+) CFSG guides for FY 2010 above Street estimates.

(+) DIS gets analyst upgrade.

(+) SNTA presents positive pre-clinical results in AML.

(+) HD stock upgraded.

(+) HAS tops Q4 earnings expectations.

(+) CIT names John Thain to top post.

(+) CVS beats with earnings.

(+) MOT gets positive Barron's coverag.

DOWNSIDE MOVERS

(-) CAGC raises prior guidance.

(-) NVAX ends negotiations with ROVI Pharma for flu vaccine.

(-) AIB names new CFO.

(-) SAP reshuffling exec office.

MARKET DIRECTION

Stock averages end lower with a fresh push down seen ahead of the bell leaving the averages down 1%, or nearly 1%. The broader stock market followed the lead of weaker financial shares.

The Dow Jones Industrial Average briefly fell below the 10,000 mark last week but has now closed below what some call a psychologically important line for the first time since November 4. The DJIA is down nearly 7% since closing at a 15-month high of 10,725.43 on Jan. 19.

Averages fluctuated between gaines and losses, drifting in a narrow range, as Wall Street remains wary of European debt risks.

Over the weekend, leaders from the Group of Seven, meeting near the Arctic in Canada, said the global economy has improved as they left it to Europe to solve problems over the budget deficit of Greece and other euro-zone members that rattled markets last week, MarketWatch reported. Credit spreads in Greece, Spain and Portugal narrowed and their respective stock averages were firmer Monday as were the broader European indexes. Asia traded mostly lower.

As for the U.S. credit outlook, Treasury Secretary Tim Geithner moved to calm market fears over a downgrade, telling ABC that the U.S. would "never lose" its AAA rating. He said the U.S. will work to rein in its budget deficit once labor markets recover.

In company news:

Home Depot (HD) gained after getting an analyst upgrade.

Sunesis Pharmaceuticals (SNSS) is sharply higher after the company announced that it has granted Carmot Therapeutics, a privately-held biotechnology company, an exclusive license to its proprietary Fragment-Based Lead Discovery (FBLD) technology.

China Agritech (CAGC) tumbled even as the company says 2009 unaudited annual revenues rose to approximately $75, exceeding its prior outlook for $70 million. Net income was $15.7 million, above its prior guidance for $15.6 million. It sees 2010 sales of $114 million.

China Fire & Security (CFSG) gained after saying expects full year revenue will be about $81 to $82 mln and EPS is seen at $0.87 to $0.89 per share. The Street is at $91 mln in revenue and earnings of $1.04 per share. For 2010, the company expects revs of $135 to $145 mln and EPS of $1.65 to $1.70 per share. The Street is at $117 mln in revs and EPS of $1.29 per share.

CVS Caremark (CVS) gained after it reports Q4 adjusted EPS from continuing operations of $0.79, up 13.6% from a year ago and just beating the Thomson Reuters mean analyst estimate for $0.78. Revenue of $25.8 billion, up 7%. The Street looked for $26.2 million.

Motorola (MOT) firmed after Barron's said they could rise 40% if the company can spin off a profitable cellphone division. Its most valuable unit sells communications gear to police and fire departments.