Disappointing earnings weighed the markets down to a lower open with the Dow slipping 11 points to 20,826. Nasdaq fell 21 points to 5,840.
On the upside
Silver Bay Realty Trust (NYSE: SBY) agreed to be acquired by Tricon Capital Group for a premium of approximately $1.4 billion in cash.
The Food and Drug Administration granted aTyr Pharma (Nasdaq: LIFE) orphan drug designation for its limb girdle muscular dystrophy treatment Resolaris.
DryShips (Nasdaq: DRYS) initiated a new dividend policy and declared a quarterly dividend of $2.5 million to common shareholders of record March 15, 2017 that will be payable on March 31, 2017.
On the downside
INC Research Holdings (Nasdaq: INCR) reported fourth quarter revenue that fell short of analyst expectations.
Tenet Healthcare (NYSE: THC) reported a wider than expected loss as revenue dropped.
Target (NYSE: TGT) disappointed with sharply lower fourth quarter earnings that missed expectations and slashed its full year forecast.
In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 index lost 3 points to 2,366. Bitcoin fell $7 to $1,178.
