Stocks finished the week slightly lower and trading volume was lighter than average. The Dow 30 closed down 36 (-0.20%), the S&P 500 closed off 2 (-0.10%), and the Nasdaq 100 closed lower by 7 (-0.16%).

Goldman Sachs (GS  ) made headlines today as Bloomberg reported that the big bank is looking to cut costs after Wall Street recorded its worst first quarter since 2009. Goldman Sachs is set to report first-quarter earnings on Tuesday. Shares closed down by 1.42%.

In other banking news Citigroup (C  ) started the day higher but was unable to hold on to the gains as the big bank reported first quarter earnings that topped Wall Street's dismal estimates, beating on both the top and bottom lines. But compared to one year ago, Citi's revenue fell 11% to $17.6 billion while its net income plunged 27%. Shares closed in the red, down 0.16%.

Shares of Polycom (PLCM  ) lost 2.04% today after Mobile technology company Mitel (MITL  ) announced they are buying Polycom for $1.8 billion in cash and stock. The combined company, which will operate under the name Mitel, will also maintain the Polycom brand.

Troubled pharmaceutical company Valeant Pharmaceuticals (VRX  ) was back in the news today after they announced they are talking to investment banks amid interest from buyout firms and other companies for its assets, according to a Reuters report. Goldman Sachs and Centerview Partners are among the companies being consulted. Shares were mostly quiet this week and closed relatively flat.

Notable downgrades:

Allegiant Travel (ALGT  ) lost 1.63% today as Barclays downgraded the airline to underweight from equal weight and lowered its price target to $188 per share from $205.

Foot Locker (FL  ) was largely unaffected today as Cowen lowered its rating on Foot Locker to market perform from outperform. The investment firm noted that promotional activity from Nike could dampen Foot Locker's comparable-store sales growth.