Opening Bell Report

The markets opened lower as oil prices rose and retailers reported mixed results for July. American International Group and Wal-mart Stores weighed on the Dow which fell 102 points to 11,554 while Nasdaq lost 9 points to 2369.

On the upside

Goodrich Petroleum (NYSE: GDP) posted an eightfold increase in losses due to derivatives losses as revenues doubled. An analyst upgraded the stock due to valuation.

J.C. Penney Co. (NYSE: JCP) raised its 2nd quarter earnings outlook as the retailer projected better demand for sale merchandise and a positive impact from its cost-cutting efforts.

Nationwide Mutual Insurance Co. announced a $2.4 billion buy-out of its publicly traded retirement savings company Nationwide Financial Services (NYSE: NFS).

On the downside

Wal-Mart (NYSE: WMT) reported a 3% gain in same-store sales for July, but the results were lower than analysts' expectations. The world's largest retailer also forecast a modest 1-2% increase for August.

Teen apparel retailer Abercrombie & Fitch (NYSE: ANF) reported a 7% drop in same-store sales for July dragged down by weak foot traffic at its Hollister Co. store and Ruehl stores.

Shares of American International Group (NYSE: AIG) plunged after the world's largest insurer posted its 3rd straight quarterly loss and took another round of mortgage write-downs.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 721.

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