On the upside
Agrium offered $3.6 billion in cash and stock to acquire CF Industries (NYSE: CF) with the condition that the fertilizer maker drop its bid to purchase Terra Industries (NYSE: TRA).
Discovery Communications (Nasdaq: DISCA) reversed year ago losses to post a profit for the fourth quarter.
Del Monte Foods (NYSE: DLM) reported higher fourth quarter earnings that beat expectations and lifted its full year outlook.
On the downside
Saks (NYSE: SKS) swung to a loss for the fourth quarter after slashing prices to entice shoppers and forecast a double digit drop in same store sales for the fiscal year.
Although J. M. Smucker (NYSE: SJM) reported higher third quarter earnings as sales surged after purchasing Folgers, the company lowered its guidance for 2009 due to the salmonella outbreak in peanut butter.
Visteon (NYSE: VC) widened fourth quarter losses and warned that it may default on its debt.
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocksfell 7 points to 405.
