Stocks Open Lower Ahead of Economic Data Reports

Investors prepared for a likely increase in first-time jobless claims rose last week as the recession continued to take its toll on the labor market. The Dow lost 45 points to 7910 while Nasdaq pared 5 points to 1509.

On the upside

Akamai Technologies (Nasdaq: AKAM) reported higher 4th quarter profits as demand for Internet bandwidth services rose.

Blackboard (Nasdaq: BBBB) posted lower 4th quarter profits which met expectations as revenues rose for the educational materials and services provider.

Shares of Dolby Laboratories (NYSE: DLB) rose after the audio equipment company reported higher quarterly revenues and profits while raising its 2009 forecast.

On the downside

Cisco Systems (Nasdaq: CSCO) posted lower quarterly profits late yesterday while lowering its revenue outlook for 2009.

Shares of Botox maker Allergan (NYSE: AGN) fell after the company announced job cuts yesterday in order to reign in expenses.

Shares of Bank of America (NYSE: BAC) fell to their lowest levels since 1984 as the selling accelerated among mutual funds unable to hold stock that trade below $5 a share.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 4 points to 444.