Closing Bell: Bears Breathe Deep Late in Day (ABK, BBY, CAAS, C, LULU, GENZ)

Ambac Financial Group, Inc. (ABK) is down on headlines that it may seek bankruptcy protection, something which has been reported before, as well as down on a Wisconsin action against the company. Shares were down over 21% at $0.625 shortly before the closing bell.

Best Buy Co. Inc. (BBY) beat earnings and its forecast was above plan. Net income rose to $1.82 EPS versus $1.35 EPS a year ago and versus $1.78 EPS expected. Sales rose 12% to $16.6 billion and comparable sales rose by 7%. Shares were up 4.3% at $42.96 before the closing bell.

China Automotive Systems (CAAS) was one of the Chinese winners of the day after it beat earnings with Q4 EPS of $0.21 vs $0.17 estimates and Revenue was up over 100% to $83.8 million. Shares were up 3.9% at $23.06 right before the close.

Citigroup Inc. (C) was up as it may be closer to having Uncle Sam selling its remaining stake. Shares were up 4.1% at $4.32 before the closing bell.

Lululemon Athletica Inc. (LULU) managed to beat earnings, raise guidance, and hit a new 52-week high. Shares were up 11% at $40.07 shortly before the close.

Genzyme Corp. (GENZ) was crushed a second day after the FDA action against the company. Today's drop was after J.P. Morgan downgraded the stock to "Underweight." Shares were down over 7% at $51.39 right before the close, but on about 5-times normal trading volume.