IMF cuts growth forecast, markets open lower

The markets opened lower with the Dow falling 49 points to 17,461 after the International Monetary Fund trimmed its global economic growth forecast for 2015 and 2016. Nasdaq lost 3 points to 4,630.

On the upside

Smith & Wesson (Nasdaq: SWHC) lifted its earnings and revenue guidance for the third quarter and fiscal year.

Shares of eHealth (Nasdaq: EHTH) continued to rise.

Bargain hunters lifted shares of Oi (NYSE: OIBR).

On the downside

Leucadia National will provide FXCM (NYSE: FXCM) with a $300 million emergency loan with an initial interest rate of 10% per annum that increases to a maximum interest rate of 17% per annum.

Express (NYSE: EXPR) ended discussions to be acquired by Sycamore Partners.

Kite Pharma (Nasdaq: KITE) made two presentations about its rapid, six-day manufacturing process at the Scale-Up and Manufacturing of Cell Based Therapies IV, an Engineering Conferences International conference last night but the stock price fell as investors locked in profits.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 slipped 2 points to 2017. Bitcoin slipped $3 to $210.