The markets opened lower with the Dow losing 38 points to 16,904 after a record session yesterday. Nasdaq slipped 9 points to 4,326.

On the upside

Achillion Pharmaceuticals (Nasdaq: ACHN) initiated dosing of patients in a Phase 1 clinical trial of its hepatitis C treatment ACH-3422 and announced the lifting of a clinical hold on another hepatitis C drug sovaprevir.

Receptos (Nasdaq: RCPT) reported positive results from a Phase 2 study of its relapsing multiple sclerosis treatment RPC1063.

Financial Times reported that Chico's FAS (NYSE: CHS) has engaged in discussions to go private.

On the downside

Francesca's Holdings (Nasdaq: FRAN) disappointed with lower first quarter earnings that missed expectations, forecast second quarter results below estimates and lowered its full year outlook.

RadioShack (NYSE: RSH) widened losses more than expected as revenue dropped.

B/E Aerospace (Nasdaq: BEAV) will separate into two independent publicly traded companies.

In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 lost 5 points to 1946. Bitcoin added $4.52 or 0.69% to $650.17.