Factory Data Take Wind Out Of NYSE Rally.(B)

Byline: CRAIG SHAW

Sluggish factory numbers helped deflate an early rally on the NYSE indexes. The Dow turned a 1.1% advance into a 0.7% loss. The S&P 500 slumped 0.8%. Volume declined.

Covance tumbled 2.32, or nearly 10%, to 21.23 on seven times normal trade. The contract drug researcher advanced 33% from its October breakout before sinking below its 50-day line last month. It closed Monday 22% off its high.

An analyst said investors reacted to an announcement from rival Inveresk Research Group that it expected a shortfall in its first-quarter results. A research note also raised concerns about Covance's stock buyback program.

Capital One Financial pared losses to close down 2.72, or 8.8%, at 28.25. Nearly 18 million shares changed hands, four times normal.

The credit card issuer said its finance chief resigned after being notified that he may face insider trading charges. CFO David Willey received notice that the Securities and Exchange Commission intends to recommend civil action against him, the firm said. The SEC did not issue notices to the company ...