On the upside
Time Warner (NYSE: TWC) will replace AOL chairman and chief executive Randy Falco with well-regarded Google executive Tim Armstrong.Goldman Sachs upgraded Foster Wheeler (Nasdaq: FWLT) citing the construction and engineering services company's attractive valuation.
Cadence Pharmaceuticals (Nasdaq: CADX) will halt development of its Omigard catheter infection drug after it failed a late stage clinical trial.
On the downside
Needham downgraded NetScout Systems (Nasdaq: NTCT) from Buy to Hold.
Although Shuffle Master (Nasdaq: SHFL) narrowed first quarter losses, the results fell short of analyst expectations.
Shares of Capital One Financial (NYSE: COF) tumbled after Moody's Investors Service said that regional banks will continue to feel the negative effects of falling commercial real estate prices.
In the broad market, advancing issues barely outpaced decliners by a slim margin of on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 390.
