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The markets gave up early morning gains, as traders turned their focus to negative earnings, negative economic reports and an overall negative market atmosphere.
Countrywide Financial (CFC | Quote | Chart | News | PowerRating) plummeted 17% in morning trading on negative reactions to a NYT piece about the country's largest mortgage lender.
Microsoft (MSFT | Quote | Chart | News | PowerRating) fell 1.8% after announcing plans to buy Norweigian software developer Fast Search & Transfer for $1.2 billion (full story).
Bear Stearns (BSC | Quote | Chart | News | PowerRating) fell 1.7% on reports that CEO James Cayne would step down to become a chairman following massive subprime losses and falling stock prices (full story).
Starbucks (SBUX | Quote | Chart | News | PowerRating) rallied nearly 10% after a new CEO was named after the company posted its worst annual drop in stock price (full story).
KB Home (KBH | Quote | Chart | News | PowerRating) dropped 7% after announcing Q4 losses of $773 million (full story).
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