The New York markets were lower in midday trade on Monday.
The Dow Jones Industrial Average was 0.8 percent lower to 13,980.57, while the Nasdaq Composite had fallen 0.62 percent to 2,788.15 and the S&P 500 had dropped 0.69 percent to 1,551.
Investors were worried after Citigroup (NYSE: C) after it said that earnings were down by 57 percent in the third quarter.
Citigroup fell $1.33 to $46.54.
Medical devices manufacturer Medtronic (NYSE: MDT) was $7.08 lower to $49.25 on the news that it has stopped selling its Sprint Fidelis defibrillation leads after they were show to be defective.
Meanwhile, biotechnology group Biogen Idec (NAS: BIIB) added $14.40 to $83.83 after it said it might put itself up for sale after talking to potential bidders.
A little earlier in the session, Boeing (NYSE: BA; TYO: 7661) was down $1.46 to $95.24 after a broker downgrade from “outperform” to “market perform” on the possibility that the announced six-month delay in the delivery of the aerospace group’s 787 Dreamliner could stretch further.
A downgrade also sent house builders lower.
KB Home (NYSE: KBH) dropped $1.31 to $27.63 after UBS (NYSE: UBS; SWX: UBSN; TYO: 8657) dropped its recommendaton from “buy” to “neutral” and said that the housing market is not likely to recover until at least 2009.
Lennar Corp (NYSE: LEN) fell 49 cents to $23.71.