Yahoo! co-Founder Jerry Yang is stepping down as CEO. Yang was widely criticized both for the failed Microsoft takeover talks as well as his inability to forge an advertising deal with Google. Yang will remain on the Yahoo! board and also will stay on as CEO until a replacement is found.
The Dow lost 223.73. The Nasdaq fell by 34.80. And the S&P 500 closed down 22.54.
Here are 7 Stocks You Need to Know for Tuesday.
The departure of Jerry Yang as Yahoo!
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Citigroup ( C | Quote | Chart | News | PowerRating) announced that it would cut more than 50,000 jobs in an effort to cut costs and become more efficient.
UBS AG upgraded McDonald's ( MCD | Quote | Chart | News | PowerRating) on Monday from "neutral" to "buy". UBS analysts cited confidence in McDonalds' ability to beat 2009 earnings expectations. Also upgraded to "buy" was Yum! Brands ( YUM | Quote | Chart | News | PowerRating), which operates Pizza Hut, Taco Bell and KFC restaurants.
Reporting earnings Tuesday morning before the market opens, Home Depot ( HD | Quote | Chart | News | PowerRating) is expected to report EPS of 0.38.
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