On the upside

China Direct Industries (Nasdaq: CDII) will supply approximately $9.4 million in pure magnesium to several Fortune Global 500 companies.

Spectrum Pharmaceuticals (Nasdaq: SPPI) completed patient enrollment in the second of two Phase 3 clinical trials of its non-muscle invasive bladder cancer treatment Apaziquone.

Goldman Sachs upgraded MGM Mirage (NYSE: MGM) and lifted its price target for the company saying that the casino operator was undervalued.

On the downside

ATS Medical (Nasdaq: ATSI) warned of losses for the fourth quarter due to disappointing sales.

Concerns that stiff competition among wireless providers will impact revenue and market share sent shares of MetroPCS (NYSE: PCS) and Leap Wireless (Nasdaq: LEAP) lower.

Goldman Sachs initiated coverage of PMI Group (NYSE: PMI) with a Sell rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 634.