Disappointing earnings weighed the markets down to a lower open with the Dow tumbling 109 points to 11,059. Nasdaq fell 9 points to 2487.
On the upside
Silicon Image (Nasdaq: SIMG) swung to a profit for the third quarter as revenue surged.
F4 Networks (Nasdaq: FFIV) reported higher fourth quarter earnings that beat analyst expectations and forecast first quarter results ahead of estimates. The network equipment company also announced plans to repurchase $200 million worth of common shares.
Nabors Industries (NYSE: NBR) swung to a third quarter loss due to an impairment charge, but revenue climbed to surpass analyst expectations.
On the downside
Sprint (NYSE: S) widened third quarter losses more than expected.
Jones Group (NYSE: JNY) blamed higher expenses for lower third quarter earnings that fell short of expectations.
PDL BioPharma (Nasdaq: PDLI) announced an exchange agreement to retire $92 million in convertible senior notes at 2% due on February 15, 2012 for convertible senior notes at 2.875% due on February 15, 2015.
In the broad market, declining issues outpaced advancers by a margin of 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 703.
