Upgrades for Research in Motion (NASDAQ: RIMM) and Apple (NASDAQ: AAPL) were no help for the Nasdaq on Wednesday, thanks to more troubles in the financial sector.
The Nasdaq’s most active stock was Fifth Third Bancorp (NASDAQ: FITB), which plunged 27% after cutting its dividend and raising more capital. With no end in sight for financial sector troubles, and disappointing results from Morgan Stanley (NYSE: MS) and FedEx (NYSE: FDX), the major indexes all lost 1% on the day.
Apple lost 1.4% despite upbeat comments from a few analysts, while RIM added 1.6% after Lehman Bros. raised its estimates for the company.
RIM, Qualcomm (NASDAQ: QCOM), E*Trade (NASDAQ: ETFC) and eBay (NASDAQ: EBAY) were the only gainers among the 25 most heavily traded Nasdaq stocks.
On the NYSE, Jabil (NYSE: JBL) was a rare bright spot, rising 3.4% after setting its earnings report for June 24.
Juniper (NASDAQ: JNPR) and Cisco (NASDAQ: CSCO) fell after a Stifel Nicolaus analyst said the pace of deals may have slowed in recent months.
The Nasdaq fell 28 to 2429, the S&P lost 13 to 1337, and the Dow tumbled 131 to 12,029. Volume rose to 4.57 billion shares on the NYSE, and 2.07 billion on the Nasdaq. Decliners led by a 22-8 margin on the NYSE, and 20-8 on the Nasdaq. Downside volume was 75% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 68-218 on the NYSE, and 61-250 on the Nasdaq.