Despite a drop in new jobless claims, the markets opened lower with the Dow dropping 71 points to 10,226 as investors remain concerned about the economic recovery. Nasdaq fell 17 points to 2236.
On the upside
Molecular Insight Pharmaceuticals (Nasdaq: MIPI) reported positive results from a mid-stage clinical trial of its childhood cancer neuroblastoma treatment Azedra.
ZelnickMedia will acquire Alloy (Nasdaq: ALOY) in an all cash deal valued at approximately $126.5 million.
Discover Financial Services (NYSE: DFS) reversed year ago losses to post a profit for the second quarter.
On the downside
Bed Bath & Beyond (Nasdaq: BBBY) reported higher first quarter earnings that topped analyst estimates but the home furnishing retailer forecast second quarter results below expectations.
Bank of America Merrill Lynch downgraded Logitech (Nasdaq: LOGI) to an Underperform rating.
Fourth quarter earnings for Nike (NYSE: NKE) rose but the athletic shoe and apparel maker warned that economic pressures will negatively impact results this year.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 637.
