Inflation Concerns Weigh Down Markets

Concerns that inflation will rise in Asia weighed the markets down to a lower open with the Dow falling 83 points to 11,118. Nasdaq dropped 14 points to 2499.

On the upside

Urban Outfitters (Nasdaq: URBN) reported higher third quarter earnings that topped analyst estimates.

Third quarter earnings for Dick's Sporting Goods (Nasdaq: DKS) slipped but the results beat analyst expectations and the company lifted its full year guidance.

Home Depot (NYSE: HD) reported higher third quarter earnings that beat analyst expectations and lifted its full year earnings guidance.

On the downside

The Food and Drug Administration said that Mela Sciences' (Nasdaq: MELA) skin cancer detection device must undergo a new clinical trial because of potential misdiagnoses.

Regions Financial (NYSE: RF) announced the resignation of chief risk officer Bill Wells, the retirement of the director of credit risk Michael Willoughby and the departure of the head of problem asset management Tom Neely.

Navios Maritime Acquisition (NYSE: NNA) disappointed with lower third quarter earnings.

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 712.

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