Midday Leaders & Laggards: S&P 500

The Standard & Poor's 500 Index was down slightly at midday Wednesday as KeyCorp shares tumbled due to higher-than-expected loan charge-offs, while Polo Ralph Lauren Corp. surged after reporting its fiscal fourth-quarter earnings jumped 41 percent.

The S&P 500 was down 2.51 points to 1,382.84.

KeyCorp plunged 2.41, or 11 percent, to $19.54. The regional bank said Wednesday it expects loan charge-offs, or loans that will be written off as not repaid, in 2008 to range between 1 percent and 1.3 percent of total loans during the year.

Previously, the bank estimated charge-offs to range between 0.65 percent and 0.9 percent of loans.

Shares of Ambac Financial Group Inc. sank 31 cents, or 9.6 percent, to $2.92 after the bond insurer said Wednesday its net write-downs on its credit derivatives holdings totaled $176 million in April. Earlier in the session, shares hit an all-time low of $2.89.

Regional bank Regions Financial Corp. sank $1.28, or 6.7 percent, to $17.76.

Among the gaining stocks, Ralph Lauren soared $7.06, or 11.4 percent, to $68.82. On Wednesday, the apparel maker said its fourth-quarter profit beat Wall Street estimates and said first-quarter revenue would grow in the low- to mid-single digit range from $1.07 billion in the year-ago quarter.

Web-based travel company Expedia Inc. climbed $1.46, or 6.7 percent, to $23.20.

Building materials maker Masco Corp. advanced 75 cents, or 4.3 percent, to $18.45.