Daily Summary....

U.S. Markets:

Dow -65.03 (-0.53%)
Nasdaq -30.82 (-1.33%)
S&P 500 -10.19 (-0.76%)

News That Moved the Market:

Markets Finish Down, Continue Drop After Close. Markets succumbed to selling pressures after a positive morning. The biggest news however was Cisco's (CSCO) outlook, which failed to impress Wall Street. The company said it saw weakness in January that may continue over the "next few months." CEO Officer John Chambers forecasted sales growth of 10% in the next fiscal quarter, well below average analyst projection of 15%. Though the company's results, which were released Wednesday after the bell, were basically in-line, investors were more focused on the company's outlook. Shares of Cisco were hammered along with major indices after hours. Unless a timely positive catalyst occurs between now and the opening bell tomorrow, expect to open tomorrow with significant losses.

Macy's Drops On Outlook. Macy's (M) cut its forecast for the current quarter after a weak January and will let go of 2,300 employees. The company's same-store sales for January fell 7.9%.

Rio Tinto Rejects BHP's Bid. Rio Tinto (RTP) declined BHP Billiton's (BHP) $147 billion all-stock bid. Rio said the bid undervalues the company and did not open the door for further negotiations.

MBIA To Raise $750 Million By Issuing Shares. MBIA (MBI) jumped in after-hours trading after it announced it would raise $750 million in an effort to sure up funds to keep its AAA rating. Fitch Ratings however said that the additional funds still may not be enough to save the bond insurer.

Tomorrow Notable Earnings:

Pepsi (PEP) Before Open

Economic Events:

Chain Store Sales
7:00 AM: Bank of England Announcement
7:45 AM: European Central Bank Announcement
8:30 AM: Jobless Claims
10:00 AM: Pending Home Sales