Not even Warren Buffett stepping to the plate could keep the Standard & Poor’s 500 Index from falling more than 16 points, or 1.35%, in the morning session, sending it to around 1,161. With U.S. consumer confidence at an all-time low, inflation heating up in China and Europe a long way from resolving its economic woes, investors were pulling back after having the S&P up more than 3% for the last five days. Declining stocks outnumbered those advancing by better than 2-to-1.

Patterson Companies (NASDAQ:PDCO) was leading the S&P down, trading about 9% lower, or more than $2.60 per share, at under $27.30. Earnings this morning from the medical equipment supplier revealed that net income has fallen, greatly displeasing Wall Street. Up more than 2% for the week, Patterson Companies is down about 15% for the quarter.

Hormel Foods (NYSE:HRL) was down around 5% to about $26.95, a loss of more than $1.50 per share. Even though profits rose, earnings released this morning did not please investors. Down about 5% for the month, Hormel is up more than 35% for the year thanks to its sales growth overseas.

Applied Materials (NASDAQ:AMAT) was off about 40 cents, losing around 3.35% per share to trade under $11 after issuing a gloomy outlook for the fourth quarter. Applied Materials projected lower personal computer sales and a slowing economy. Earnings per share are expected to fall by more than a third. While up almost 8% for the year, Applied Materials is down about 20% for the quarter.

Citigroup (NYSE:C) was higher by about 5% to over $29.80, gaining more than $1.30 per share. The financial sector was leading the markets this morning as Buffett’s Berkshire Hathaway (NYSE:BRK.A) announced it was investing $5 billion in Bank of America. Citigroup is off about 30% for the quarter. The tumult in the financial sector has Citigroup at a beta of 2.5.

Morgan Stanley (NYSE:MS) also was leading the sector up, rising about 6% to around $17.30, gaining around $1 a share. Morgan Stanley is down more than 30% for the month and more than 30% for the year. It has a beta of 1.4.

Also up was Goldman Sachs (NYSE:GS), around $1, or about 0.9%, to over $111 a share. In 2008, Goldman Sachs benefited from a $5 billion infusion from Warren Buffett. Goldman is down more than 20% for the month. With a beta of 1.3, Goldman is down more than 23% for the year.

Jonathan Yates does not own any of the stocks mentioned in this article.