Greater Than Expected Job Losses Weigh Down Markets

On the upside

Second quarter earnings for Bebe Stores (Nasdaq: BEBE) tumbled but the results topped analyst estimates.

US Airways (NYSE: LCC) waived change fees for passengers affected by storms in the mid-Atlantic region.

Credit Suisse analyst Satya Kumar upgraded MEMC Electronic Materials (NYSE: WFR).

On the downside

Powerwave Technologies (Nasdaq: PWAV) disappointed with lower fourth quarter revenue and earnings that fell short of expectations.

Brooks Automation (Nasdaq: BRKS) reported a first quarter loss that was wider than expected.

American Axle & Manufacturing (NYSE: AXL) reversed year ago losses to post a profit for the fourth quarter but the company forecast full year revenue below analyst estimates.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by a margin of more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 587.