Lower Open As Home Prices Drop

A drop in home prices weighed the markets down to a lower open with the Dow losing 33 points to 11,130. Nasdaq fell 8 points to 2482.

On the upside

Third quarter earnings climbed for Royal Caribbean (NYSE: RCL) to beat analyst expectations prompting the cruise operator to lift its full year outlook.

Coach (NYSE: COH) reported higher first quarter earnings that surpassed expectations as revenue rose.

National Oilwell Varco (NYSE: NOV) reported higher third quarter earnings that topped analyst estimates.

On the downside

Although third quarter earnings rose to top estimates for Tellabs (Nasdaq: TLAB), the telecommunications networking products company forecast fourth quarter revenue below analyst expectations.

Regions Financial (NYSE: RF) disappointed with a wider than expected loss for the third quarter as loan charge-offs climbed.

While third quarter earnings surged for Lexmark (NYSE: LXK), revenue fell short of expectations and the printer maker announced the retirement of chief executive Paul Curlander in spring 2011.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 702.


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