<p>The markets opened lower amidst disappointing earnings with the Dow losing 38 points to 7803 while Nasdaq slipped 8 points to 1600.</p><br /> <p><strong>On the upside</strong></p><br />
<p>Coca-Cola (Nasdaq: KO) blamed charges and writedowns for lower first quarter earnings but the results met estimates.</p><br />
<p>Broadcom (Nasdaq: BRCM) offered approximately $764 million to acquire Emulex (NYSE: ELX).</p><br />
<p>Although third quarter earnings fell for Coach (NYSE: COH), revenue topped estimates and the luxury handbag maker announced an annual cash dividend of 30 cents per share.</p><br />
<p><strong>On the downside</strong></p><br /><p>Caterpillar (NYSE: CAT) posted a quarterly loss for the first time in 17 years due to significant charges and slashed its full year outlook.</p><br />
<p>First quarter earnings for Merck (NYSE: MRK) plunged to miss expectations as sales fell.</p><br />
<p>KeyCorp (NYSE: KEY) reported a wider than expected loss and cut its quarterly dividend.</p><br />
<p>In the broad market, declining issues outpaced advancers by a margin of more than 7 to 5 on the NYSE and by&nbsp;10&nbsp;to&nbsp;9 on Nasdaq.&nbsp; The Russell 2000 which tracks small cap stocks eased a fraction to 452. </p>