The International Monetary Fund expects the global economy to grow at a modest 3.5% pace. The markets opened lower with Dow losing 39 points to 17,937. Nasdaq fell 27 points to 4,960.
On the upside
Stifel Nicolaus upgraded Builders FirstSource (Nasdaq: BLDR) from a Hold rating to a Buy rating.
Nokia (NYSE: NOK) confirmed that it was engaged in advanced discussions to merge with Alcatel-Lucent (NYSE: ALU).
China Ceramics (Nasdaq: CCCL) swung to a profit for the fourth quarter as revenue rose.
On the downside
Profit taking weighed down shares of Sysorex Global Holdings (Nasdaq: SYRX).
Norfolk Southern (NYSE: NSC) warned that first quarter earnings would fall short of expectations.
Jefferies downgraded Arrowhead Research (Nasdaq: ARWR) from a Buy rating to a Hold rating.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE while decliners edged out advancers by nearly 5 to 4 on Nasdaq. The broader S&P 500 lost 4 points to 2087. Bitcoin slipped $1 to $219.
Lower open over modest economic growth
April 14, 2015 at 10:43 AM EDT