— Bank of America fell 3.3 percent after Citi analyst Keith Horowitz downgraded his rating to neutral, saying the bank's "legacy issues," notably its 2008 purchase of mortgage lender Countrywide, "will take a while to play out."
— Luxury retailer Michael Kors Holdings Limited was a bright spot, shooting up 28 percent after revenue skyrocketed 68 percent in the latest quarter. The company, which peddles $300 sequined jumpsuits and wristwatches at stores in cities like Milan and Paris, was helped by strong holiday sales as well as new stores. Its results are also a sign that wealthy customers are continuing to shop even as the rest of the economy struggles.
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