Yesterday was a mixed day, and today was just a down day. Durable goods were a disappointment in negative territory. Earnings were mixed. The negative bias of the Fed's Beige Book coincides with the sell-off at 2:00 PM but this still just brings in the notion that there is going to be a slow recovery, rather than any massive double-dip recession.

Here are today's unofficial closing bell levels:

Dow Jones 10,497.88 -39.81 (-0.38%)
S&P 500 1,106.13 -7.71 (-0.69%)
Nasdaq 2,264.56 -23.69 (-1.04%)

MOST NOTEWORTHY: Palm, Inc (PALM), New Century Financial Corp (NEW), Yahoo! (YHOO) and Sirius Satellite Radio Inc (SIRI) were some of today's more notable downgrades.

• JP Morgan downgraded Palm, Inc (NASDAQ: PALM) to Underweight from Neutral citing product line, execution and competition concerns.

• New Century Financial Corp (NYSE: NEW) was downgraded to Underperform from Hold at Jefferies and suspended their estimates as they believe the 10-K filing delay indicates that the company's financial and operating situation continues to deteriorate.

• Matrix USA cut Yahoo! (NASDAQ: YHOO) to Sell from Hold, providing an intrinsic value of $25. They believe strong competition, as well as rising popularity and accessibility of free social and entertainment content, is negatively impacting the company.

• Barrington downgraded Sirius Satellite Radio inc (NASDAQ: SIRI) to Market Perform from Outperform. The firm believes 2007 sub-growth target will lag previous forecasts.

OTHER DOWNGRADES:

• JP Morgan downgraded shares of The Scotts Miracle-Gro Co (NYSE: SMG) to Neutral from Overweight based on SMG's lower fundamental visibility with recent increases in raw materials and the company's underperformance during its peak-season.

• JP Morgan also downgraded Marvell Technology Group Ltd (NASDAQ: MRVL) to reflect dilution concerns from the XScale acquisition, slow end-market growth and stock option uncertainty.

• Jefferies downgraded Humana Inc (NYSE: HUM) to Hold from Buy with a $60 target after checks confirmed concerns that recent budgetary analysis in Washington has heightened the risk for legislation to curb Medicare Advantage program growth.

• RBC cut Mediacomm Communications Corp (NASDAQ: MCCC) to Underperform from Sector Perform based on valuation.

• Wachovia downgraded Atlas Pipeline Partners (NYSE: APL) to Market Perform from Outperform following the company's Q4 shortfall.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Main market news here.

Sirius Satellite Radio Inc. (NASDAQ:SIRI) posted a narrower loss for the fourth-quarter, driven by an increase in subscribers. Sirius posted a net loss of $245.6 million, or 17 cents a share, on revenue of $193.4 million -- a 142% increase. Analysts had forecast a loss of 19 cents a share for the latest fourth-quarter, according to Reuters Estimates. Brian White is liveblogging the conference call.

Originally set for launch this month, Apple Inc. (NASDAQ:AAPL) has delayed until March the launch of the AppleTV set-top box without explaining why.

While The Big Three keep announcing plant closures in the U.S., Toyota Motor Corp. (NYSE:TM) is announcing the opposite with a plan to build a sport utility vehicle plant in Mississippi for around 100 billion yen ($830 million) as it's trying to keep up with booming demand. Other reports put the investment amount at 200 billion yen.

Meanwhile, global production keeps growing with Toyota's global production rising 5.2% in January, further narrowing the gap with General Motors Corp. (NYSE:GM). Honda Motor Co. (NYSE:HMC) saw an 11.9% global production rise, while Nissan Motor Co. reported a 6.9% gain. Mazda Motor Corp., owned 33.9% by Ford Motor Co. (NYSE:F) said its global production rose 6.2%.

General Electric Co. (NYSE:GE) was upgraded to Buy from Neutral at UBS due to attractive valuation. The analyst also mentioned that GE's domestic natural-gas turbine business might record better-than-expected orders in 2007 and 2008. GE shares are up 0.17% in pre-market trading. While not much of a climb, in this all-red morning, it's something.

Google Inc. (NASDAQ:GOOG) plans to open a research and development center in Singapore.

Bear Stearns is holding a retail, restaurants and consumer conference this week in New York. Keynote presentations will be made by Best Buy Co. (NYSE:BBY), J.C. Penney Co. (NYSE:JCP), Marriott International Inc. (NYSE:MAR), McDonald's Corp. (NYSE:MCD), Safeway Inc. (NYSE:SWY) and Wal-Mart Stores Inc. (NYSE:WMT).

According to the Wall Street Journal, Time Warner Inc.'s (NYSE:TWX) AOL unit is in talks to acquire mobile phone advertising start-up Third Screen Media, for some $80 million. Microsoft Corp. (NASDAQ:MSFT) came close to buying Third Screen last year. Oppenheimer also upped its target on TWX from $24 to $27.

Exxon Mobil Corp. (NYSE:XOM) will pay $650,000 to settle allegations by California over selenium discharge.

Earnings are due today from Target Corp. (NYSE:TGT) -- expected $1.27 EPS, Federated Department Stores Inc. (NYSE:FD -- expected $1.58 EPS, CBS Corp. (NYSE:CBS) -- expected $0.47 EPS and TXU Corp. (NYSE:TXU) -- expected $1.19 EPS.

Electronic Arts Inc. (NASDAQ:ERTS) yesterday named former EA executive John Riccitiello as the new CEO.

Other notable analyst calls:
- Moody's (NYSE:MCO) was upgraded by Citigroup from Hold to Buy.
- Bed Bath & Beyond Inc. (NASDAQ:BBBY) was downgraded by UBS from Buy to Neutral.
- NYSE Group, Inc. (NYSE:NYX) was downgraded by J.P. Morgan to Underweight from Neutral.